Dow Jones/Nasdaq 100 Technical Outlook:
- Dow Jones can still continue to rise from here
- Nasdaq 100 at first meaningful test off the lows
Dow Jones, Nasdaq 100 Forecast: In Bounce-mode, for Now
The Dow Jones had a sharp recovery following a breach of big support, and while still in a downtrend off the record highs the upward bias could continue in the short-term. We saw a dip on Tuesday, which led back to support just above 33k.
Yesterday’s push higher has the potential to keep the Dow moving higher in the near-term, but first we must see price climb above 34095. This would get price above resistance dating to the low in December and last week’s high.
The market very well may still only be in recovery mode after hitting a peak in fear last week on the Russian invasion, but even as such the rally could extend towards the trend-line of the record highs and the 200-day MA before rolling over again.
Generally speaking, the outlook is tentatively bullish in the very near-term but that could change quickly given the fluid geopolitical and macro environment.
Dow Jones Daily Chart
The Nasdaq 100 continues to mount a recovery, but is very near its first test of resistance via a trend-line running down off the December high. A push through could continue to keep the NDX trekking higher over the coming days.
A swift turn lower here would be reason to turn neutral to bearish, but given the general recovery tone this isn’t expected to happen just yet, if at all. With that said, still, looking to continue with the theme of keeping all outlooks short-term and maintain additional flexibility.
Nasdaq 100 Daily Chart
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—Written by Paul Robinson, Market Analyst
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Originally Posted on: https://www.dailyfx.com/forex/technical/home/analysis/spx500/2022/03/03/Dow-Jones-Nasdaq-100-Forecast-In-Bounce-mode-for-Now-PRtech.html
By: Paul Robinson