Dow Jones 30 and NASDAQ 100 Price Forecast July 31, 2017, Technical Analysis

Christopher Lewis

Updated Fri, Jul 28, 2017, 11:21 PM

Dow Jones 30

The Dow Jones 30 initially fell during the day on Friday, but found a bit of support at the 21,750 level. It looks as if the market is ready to continue going higher, but we may have a bit of grinding to do. Overall, we have been in a bullish trend, and of course the US stock markets continue to benefit due to the dovish Federal Reserve. I believe that the earnings season has gone well, so that should continue to put upward pressure in this market as well. Pullbacks offer buying opportunities as the Dow Jones 30 continues to grind to the upside overall. Selling isn’t a thought, and I believe that we will be reaching towards the 22,000 level relatively soon.

Dow Jones 30 and NASDAQ Index Video 31.7.17

NASDAQ 100

The NASDAQ 100 initially fell during the day but recovered all of the losses, as we went back towards the 5900 level. This is a relatively bullish sign, and therefore I believe that the buyers are coming back to push this market to the upside. The losses during the session on Thursday were rather significant, but when looked at in the spectrum of the longer-term trend, they don’t really matter. Because of this, I believe it’s only a matter of time before the buyers get involved, and it’s likely that we will reach towards the 6000 level yet again. It won’t necessarily be easy, and there should be a significant amount of resistance. However, I think that longer-term the buyers will return as earnings season has gone well for tech stocks, but they may be taking a little bit of a breather as it has been so bullish, and that being the case it’s likely that the market may be calm, as it grinds way to the upside.