Major US Indices Forecast, August 14, 2017, Technical Analysis

S&P 500

The S&P 500 went sideways during most of the session on Friday, but then exploded to the upside as the Americans went back to work. I believe that if we can break above the 2450 handle, the market should continue to go much higher, perhaps reaching towards the 2475 level. Ultimately, I think that the market should continue to go higher, perhaps reaching towards the 2500 level. We have seen quite a bit of volatility, and the market of course has been rattled by the war of words between the United States and North Korea. Alternately though, I think that this is a market that continues to be very resilient, as we have seen more than one “buy on the dips” type of situation appear. Ultimately, I think that the market continues to grind to the upside and will eventually break above the 2500 level… Read More

Dow Jones 30

The Dow Jones 30 initially went sideways, but then shot a little bit higher during the day on Friday. It looks like the market is trying to recover a bit from the selloff that we have seen over the last several sessions, and a move towards the 22,000 level might be possible. That’s an area that should be rather resistive though, so we will have to see whether the market can break above there. In the meantime, I think that if we can break above there, then it’s more of a buy-and-hold situation. I have no interest in shorting until we break to a fresh, new low, which I don’t necessarily things going to happen quite yet. If it does, then the market will more than likely go looking towards the 21,700 level… Read More

NASDAQ 100

The NASDAQ 100 has exploded to the upside during the day on Friday as traders came back to work. It looks likely that we are going to try to go towards the 5900 level, and I think that the NASDAQ 100 is trying to lead the way for the other indices to the upside. Ultimately, I still have a target of 6000, but the recent arguing between the Americans and the North Koreans has put a lot of fear into the marketplace. Quite frankly, I think it’s likely to be thought of as a buying opportunity on the longer-term charts, as nobody is going to be nuking anybody else. This market has needed a reasonable back, quite frankly it found it and I think that most of the damage is probably already been done… Read More