Major US Indices Forecast, August 16, 2017, Technical Analysis

S&P 500

The S&P 500 initially rallied on Tuesday, but pulled back to flatten out a bit. The question now is can we continue to go higher? I think if we break above the 2475 handle, the market is going to continue to grind its way to the upside. If we do pull back, I think that somewhere near the 2450 level we should see a significant amount of support. Because of this, I am a buyer overall but I need to see the market show signs of impulse to the upside, or support at the vinyl 2450 handle to get involved. Overall, I think that the market is perhaps a little overbought, and that’s part of what we are seeing, little bit of digestion… Read More

Dow Jones 30

The Dow Jones 30 initially shot much higher during the day on Tuesday, slicing through the 22,000 level. However, we turned around at the 22,050 level, and broke below 22,000 again. If we can break above 22,000, and hold it on the daily close, I think that the market probably goes higher. Otherwise, we may need to pull back to build up enough momentum to continue the uptrend below. There is a lot of undercurrent in the marketplace that is swirling in both directions, so I do anticipate quite a bit of volatility… Read More

NASDAQ 100

The NASDAQ 100 has pulled back to the 5900 level after initially looking very strong at the open on Tuesday. If we can continue to hold above the 5900 level, I think that’s a very bullish sign. However, if we break down below the 5880 handle, I think that it’s probably best to stand on the sidelines and wait for support underneath to take advantage of… Read More