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Dow Jones, Nasdaq 100, DAX 30 Technical Forecasts for the Week

Dow Jones, Nasdaq 100, DAX 30 Technical Forecasts for the Week

2019-09-28 10:00:00
Peter Hanks, Analyst
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Dow Jones, Nasdaq 100, DAX 30 Forecasts:

Dow Jones, Nasdaq 100, DAX 30 Technical Forecasts for the Week

The Dow Jones and Nasdaq 100 traded slightly lower last week as fundamental uncertainty and an unexpected new front in the US-China trade war looked to erode risk appetite. The resultant price action has seen the two US indices pressure nearby support and threaten to slip back into their August trading ranges. In the week ahead, the Dow Jones and Nasdaq will look to use their respective areas of support as a beachhead in pursuit of bullish continuation.

Dow Jones Forecast

Outlook: Neutral

The Dow Jones will initially look to employ support near 26,700 which coincides with prior highs in January 2018 and April 2019. Renewed pressure could see the DJIA fall beneath the level, which would make the Average vulnerable to slipping back into its August trading range – the upper bound of which resides around 26,430. Tracking in the upper half of the range, the Dow’s 200-day moving average may look to provide the final area of support before the rising band of support from January 2018 comes in to play around 25,500.

Dow Jones Price Chart: Daily Time Frame (September 2018 – September 2019) (Chart 1)

Daily Down Jones Price Chart

Day Trading the Dow Jones: Strategies, Tips & Trading Signals

If bulls are able to wrest control of price action, the Index could look to surpass all-time highs. In order to do so, it would first have to surpass 27,000 which roughly aligns to the swing-high in October 2018. Subsequent resistance will be offered by confluence of the ascending trendline from January 2018 and the Average’s all-time high near 27,400.

Nasdaq 100 Forecast

Outlook: Bearish

Unlike the Dow Jones, the Nasdaq finds itself trading within a band of support. Consequently, Monday’s open will be a critical juncture for the tech-heavy Index as it aims to hold above confluent support beneath. That support, offered by the 200-day moving average and the ascending trendline from December 2018, marks an area that has become critical for a continuation higher. If broken, it could open the door for a bearish extension lower – potentially looking to August swing lows near 7,360 and 7,245.

Nasdaq 100 Price Chart: Daily Time Frame (September 2018 – September 2019) (Chart 2)

Daily Nasdaq 100 Price Chart

Should the various support levels holdfast, topside barriers will likely fall into place around the Index’s recent September highs and the ascending band from September 2018 which reside slightly beneath 8,000. All things considered, it could be argued the Index is at a crucial point. With two converging levels that boast significant technical merit, bulls and bears will have to discern which themes necessitate a move above or below the outlined areas – which may be derived from fundamentals.

DAX 30 Forecast

Outlook: Neutral, Leaning Bullish

Moving across the Atlantic, the DAX 30 could look to consolidate further. Two weeks ago, I noted the Index looked overextended and may need to solidify recently established ground before the next directional move can materialize. Since then, the Index has traded just 100 points lower and has been trapped between conflicting horizontal trendlines. Still, the next move may well be higher if support at 12,215 can hold. If the level breaks down, however, it would effectively shatter my bullish bias and open the door for the Index to test the 200-day moving average near 12,000.

DAX 30 Price Chart: Daily Time Frame (August 2018 – September 2019) (Chart 3)

Daily DAX 30 Price Chart

How to Trade the Dax 30: Trading Strategies and Tips

Therefore, initial topside resistance at 12,460 will be an important area to watch in the week ahead. Should it be surmounted, secondary resistance around 12,700 will be the Index’s next barrier to an extended continuation higher. The area marks a confluence of the ascending trendline from December and the horizontal trendline from the high in August 2018.In the meantime, follow @PeterHanksFX on Twitter for updates and analysis on all the major stock indices.

--Written by Peter Hanks, Junior Analyst for DailyFX.com

Read more:Nasdaq 100 Price Forecast: Semiconductor Stocks Look to Micron Earnings

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