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Dow Jones 30 and NASDAQ 100 Price Forecast February 26, 2018, Technical Analysis

Dow Jones 30

The Dow Jones 30 initially drifted a bit lower during the trading session on Friday but as you can see the 25,000 level has offered support as we formed a perfect hammer on the hourly chart. I think that the market bouncing from there makes a lot of sense, as there will be a lot of interest in that level. We have bounced from there to gain 200 points, and I think it’s only a matter of time before we go to the 25,400-level next. Longer-term, I believe that algorithmic traders continue to come back into the fold, buying dips as a represent value.

NASDAQ 100

The NASDAQ 100 has gone sideways initially during the day on Friday, but then exploded to the upside. We have made a fresh, new high, and I think it’s only a matter of time before we reach towards the 6900 level. If we can get above 6900, then the market goes looking for the 7000 level again, an area that has been resistive in the past. Any pullback at this point should be a nice buying opportunity, as it would be a “buy on the dips” type of scenario. Algorithmic traders continue to pick up the US stock market every time it dips, and therefore I think that the NASDAQ 100 will benefit from that if nothing else. I have no interest in shorting this market, there is far too much bullish pressure to be found in America.

Dow Jones 30 and NASDAQ Index Video 26.02.18

NASDAQ 100 daily chart, February 26, 2018
NASDAQ 100 daily chart, February 26, 2018

This article was originally posted on FX Empire

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