Yahoo Finance Dow Jones 30 and NASDAQ 100 Price Forecast December 20, 2017, Technical Analysis
Dow Jones 30
The Dow Jones 30 initially tried to rally during the day on Tuesday, but pulled back rather significantly to test an uptrend line on the hourly chart. It looks as if we are offering a bit of value now, and algorithmic traders are of course attracted to these dips as they have been for some time. Longer-term, I think that we continue to go much higher, perhaps reaching towards the 25,000 level above. This time a year is a bit dangerous though, as most traders are away, so liquidity becomes an issue. With that in mind, I would add to an upward position very slightly and very slowly, allowing your position to breathe as the market will be noisy. I have no interest in shorting.
Dow Jones 30 and NASDAQ Index Video 20.12.17
NASDAQ 100
The NASDAQ 100 pulled back during the day as well, which is interesting considering that it is a pullback from the top of an uptrend channel, which is based upon the daily timeframe. However, as I record this video we are forming a hammer on the hourly chart and it looks as if we are ready to continue going higher. Given enough time, I think we do breakout to the upside, and I think that adding slowly in this market will also be crucial as the liquidity will be an issue. The 6400-level underneath offers a bit of a floor in the short term, and I would also point out that on the hourly chart, we have crossed over in the oversold condition on the stochastic oscillator.
This article was originally posted on FX Empire
