Major US Indices Forecast, August 21, 2017, Technical Analysis

S&P 500

The S&P 500 initially went sideways during the session on Friday, slicing through the 2425 handle at one point but turned around to show extreme amounts of bullish pressure. Because of this, I believe that the S&P 500 is probably going to go reaching towards the 2450 handle. However, look at the weekly charts we had formed a shooting star that looks very negative and sits on a trend line. It will be interesting to see if this market can hang on to the gains, because if it will do so, I think that the 2425 level may become the new “floor” in the market. Expect choppiness nonetheless… Read More

Dow Jones 30

The Dow Jones 30 initially fell on Friday, but the Americans turn things around as we look likely to try to bounce from here. The 22,000 level above should be resistance, so I don’t think that we will break above there right away. However, it does give a target for the buyers who are starting to flex their muscles. With this being the case, I think that short-term buying has reentered the marketplace… Read More

NASDAQ 100

The NASDAQ 100 initially fell as well, but has shown real fiber and see during the day on Friday, as we made a fresh new low and then turned around to show signs of strength again. The NASDAQ 100 has been leading the other indices higher, so it’s likely that we will continue to go to the upside and reach towards the 5900 level. I believe that short-term pullbacks continue to offer value the traders will take advantage of, but if we made a fresh, new low I would step away from the market and let it try to catch its self… Read More