Major US Indices Forecast, August 15, 2017, Technical Analysis

S&P 500

The S&P 500 gapped higher at the open on Monday and then shot through the 2450 level. The market looks likely to have a slight pull back, but I suspect that the buyers will probably return somewhere near the 2450 level. We have bounced from a major uptrend line on the weekly chart, and it now looks as if the uptrend could continue. Obviously, a pullback should give us an opportunity to pick up value in what looks to be a very strong move. Given enough time, the market should then reach towards the 2475 handle, and then possibly towards the 2500 level… Read More

Dow Jones 30

The Dow Jones 30 initially gapped higher at the open on Monday, but then shot towards the 22,000 level. That’s an area that should be resistive, because quite frankly it was supportive in the past. If we can break above the 22,050 handle, the market should continue to go much higher. I think that short-term pullbacks should be buying opportunities though, as we are starting to see US indices pick up a little bit of momentum to the upside again. I think that a lot of the risk appetite that had been a problem for the market is starting to return, as the North Korean situation seems to be coming down. Because of this, I believe the buyers are back… Read More

NASDAQ 100

The NASDAQ 100 shot straight up in the air and reached towards the 5900 level. This is an area that will be somewhat resistive, but I think it’s only a matter of time before we break out to the upside. A move above the 5900 level should then send this market even higher, and perhaps towards the 6000 level above that I have been targeting for some time. Now that we have calm down with the North Korea issue, I believe that the buyers are back… Read More