Major US Indices Forecast, August 23, 2017, Technical Analysis

S&P 500

The S&P 500 initially rose during the day and then pulled back on Tuesday. There was a report coming out that perhaps there is some possible progress made in tax reform in the United States, and this at the S&P 500 to the upside. The 2450 level above continues to be resistive, and I think that the market could run into a bit of trouble here. A break above 2450 should send this market to the 2470 level, and then perhaps 2475. However, I suspect that there could be a bit of a pullback from here, so be aware of that. Small position sizing will probably continue to be a necessity… Read More

Dow Jones 30

The Dow Jones 30 was relatively quiet until the Americans jumped on board, as a report came out suggesting that perhaps tax reform was being worked on and a bit of progress had happened. That being the case, it’s likely that the market will continue to look at anything tax related as a catalyst to go higher. The 22,000 level above should offer resistance though, so I think this is a short-term move to the upside… Read More

NASDAQ 100

The NASDAQ 100 broke out and above the 5825 handle and now looks to reach towards the 5900 level above. That is a massive amount of resistance just waiting to happen, so I don’t know if we can break above there. If there is a break above there, then it is a bullish sign. Ultimately, I think that if we get an exhaustive looking candle, it might be a nice short-term selling opportunity… Read More