Dow Jones 30 and NASDAQ 100 Price Forecast March 20, 2018, Technical Analysis

Dow Jones 30

Dow Jones traders sold hard during the session on Monday, breaking below the uptrend line from the symmetrical triangle that I have been talking about for some time. This shows that the market is struggling to find buyers, and now I think that we have a proclivity to the downside, unless we were to break the 24,800 level significantly, and perhaps on a daily close. Even then, I would feel much better about buying this market above the 25,000 level.

Dow Jones 30 and NASDAQ Index Video 20.03.18

NASDAQ 100

The NASDAQ 100 broke down significantly during the day as well, losing about 2% as most traders continue to see a lot of concerns around the world involving interest rate hikes, and the general “risk off” attitude that has been part of the market as of late. Now that we have broken significantly below the 7000 handle, it’s likely that we will continue to find sellers on rallies. In fact, it’s not until we break above the 7000 handle that I would be a buyer again. At that point, I might be convinced. Until then, I think that signs of exhaustion will continue to bring fresh sellers and as we have obviously had a major change of attitude recently. Now that we have had this significant breakdown, your bias should be changing, at least until we get the Federal Reserve statement, as to what they may be doing this year.