DJ 30 & NASDAQ Technical Analysis: The bulls vs the bears

DOW JONES CURRENT PRICE @ 36401

How are the big dogs gonna be preparing for the first NFP News release for the year. Between the bulls and the bears, based on our technical analysis, there has been no argument who might be winning. Let’s take a look…

DJ 30 DAILY

Chart Analysis

The above chart shows the bulls consistently maintaining momentum and currently approaching a resistance zone. The current resistance zone R1 @ 36401 seemingly couldn’t hold price below it but we can’t tell for sure until looking a bit more into the analysis but so far we maintain a bullish bias on this.

The level beyond the R1 level is currently acting as our weak resistance as we expect price to react to this level if we continue bullish.

DJ30 4H

The 4H chart above further emphasizes the reason for our strong bullish bias. We’ve tried to establish divergence on this instrument but failed. All indicators seem to be retaining the strong bullish bias.

The POTENTIAL KEY ZONE @ 36200 psychological level will act as a weak support zone for price when the correction occurs.

Ideally, if the bulls maintain momentum which is very likely, we expect to get to 37000 as our first swing target.

NASDAQ: CURRENT PRICE @ 16333.50

Nasdaq typically makes the first move. Expecting to see bears on DJ30, you could potentially see it first on the NASDAQ. Our analysis of the NASDAQ gives it all to the bears. The pair has been able to consistently break below the key resistance regions just as you see in the chart.

NASDAQ 4H

Our analysis puts NASDAQ in a strong position to sell off huge. NASDAQ could potentially experience downside momentum down to the 16138.15 level. But before that, there’d most likely be a correction towards the 16415.52 – 16476.9 zone. We are looking to see a lot of sellers right from that point. These analysis are subject to change depending on how price reacts.

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