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Major US Indices Forecast, August 17, 2017, Technical Analysis

By:
Christopher Lewis
Published: Aug 17, 2017, 07:46 UTC

S&P 500 The S&P 500 rallied during the day on Wednesday, reaching towards the 2475 handle. That’s an area where we have seen resistance, and it

US Indices Forecast

S&P 500

The S&P 500 rallied during the day on Wednesday, reaching towards the 2475 handle. That’s an area where we have seen resistance, and it makes sense that we pull back from there. The 2460 level underneath should offer support, and I think that the market is getting ready to make a move one way or the other. If we can break above the 2475 level, the market should continue to go much higher, perhaps reaching towards the 2490 handle. Alternately, the market breaking down below the 2460 level should send this market down to the 2450 handle. I expect volatility, but it seems to me that the buyers are willing to come back into the market when it falls. Because of this, we should see some type of resilience… Read More

Dow Jones 30

The Dow Jones 30 had a choppy session on Wednesday, but found the 22,000 level to be supportive, especially after the Federal Reserve released its meeting minutes, which seems to show a bit of confusion. Ultimately, the market should continue to go higher, and that being the case I think that we will continue to try to reach higher. The market will probably continue the “buy on the dips” attitude, but in a very tight overall range. I am mildly bullish… Read More

NASDAQ 100

The NASDAQ 100 also fell, but also found support at the important 5900 level. By doing so, looks like it’s going to be more the same, that the NASDAQ 100 is going to be something that people by. Ultimately, I think that we will probably try to make an attempt at the 6000 handle, but as you to take a while to get there. Currently, I believe we are stuck and arrange and that might be the way going through the next several sessions… Read More

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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