Dow Jones 30 and NASDAQ 100 Price forecast for the week of March 19, 2018, Technical Analysis
Dow Jones 30
The Dow Jones 30 remains within a triangle, as you can see on the chart. The 25,000 level continues to be a bit of a magnet for price, and until we can break out of this triangle, I don’t think that this market is going to go very far. The other shapes that you could make, barring the fake breakout, is an ascending triangle, so that of course shows bullish pressure in general. The 20 SMA on the Bollinger Bands indicator says just below, and of course the large, round, psychologically significant number offer support as well. If we rally from here, I think we will revisit the highs. Alternately, if we break down below the uptrend line of this symmetrical triangle, perhaps somewhere near the 24,400 level, then I think we could drop down to 23,000 again.
Dow Jones 30 and NASDAQ Index Video 19.03.18
NASDAQ 100
The NASDAQ 100 rallied during the week, testing the 7200 level, making a fresh, new high. That’s a very bullish sign, but at the end of the week we are looking a bit soft. We are sitting just above the 7000 level, so we could bounce here, but a breakdown below there would be that the market is going to cool off a bit, offering a buying value at lower levels. Out of the 3 major US indices that we follow here at FX Empire, the NASDAQ 100 is probably the healthiest. However, that does not mean that we won’t pull back, we most certainly need to. Longer-term though, I am a buyer and I’m looking for signs of support on a bounce from below.
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