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Dow Jones 30 and NASDAQ 100 Price Forecast – stock markets show signs of life again ahead of FOMC

Christopher Lewis

Dow Jones 30

The Dow Jones 30 rallied during the trading session ever so slightly ahead of the FOMC Statement, but I think at this point we are taking a bit of a breather after a significant move higher. If we can clear the 25,400 level, the market is free to then go to the 25,500 level above, which of course will catch a lot of attention. Short-term pullbacks in the meantime could be buying opportunities, and I think it’s only a matter time before value hunters would come back. At this point, I believe that the 25,000 level will be thought of as “the floor.”

NASDAQ 100

The NASDAQ 100 exploded to the upside, making a fresh, new highs and cleared the 7250 level ahead of the FOMC rate decision. Ultimately though, the market is going to continue to go higher, as the market has broken through major resistance. At this point, any type of pullback will be thought of as value, and I anticipate that the 7200 level should offer a bit of a support level that traders will try to take advantage of. Beyond that, we have the 50 hour SMA which seems to be acting as dynamic support and resistance again, and most certainly looks bullish on its own. Longer-term, I think we’re going to go looking towards the 7500 level, but obviously that would take some time.

Dow Jones 30 and NASDAQ Index Video 14.06.18

This article was originally posted on FX Empire

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