Major US Indices Forecast, August 29, 2017, Technical Analysis

S&P 500

The S&P 500 initially Monday, but found enough support at the 2435 handle to turn around and reach towards the 2450 handle. That’s an area that has been resistive, so having said that I think we can break above that level and continue to go higher. In the short term though, I suspect that we are going to go sideways, and therefore trade back and forth between the 2435 handle underneath and the 2450 handle above. Choppiness should continue to be a mainstay of the market as we are heading into a very illiquid time of year… Read More

Dow Jones 30

The Dow Jones 30 continues to bounce sideways, as the markets are looking for some type of direction. Ultimately, this is one of the most illiquid times of the year, and that being the case it makes sense that we probably won’t go anywhere very quickly. Back and forth type of consolidated of trading between the 21,750 level on the bottom and the 21,850 level on the top could be what we are looking at for the next several sessions… Read More

NASDAQ 100

The NASDAQ 100 looks similar but is drifting lower over the last several sessions. Ultimately, I think there is a significant amount of support near the 5800 level though, so it’s probably only a matter of time before we turned around and start going higher. If we rally from here, I suspect the markets going to go looking towards the 5900 level above. Either way, I think you can count on a significant amount of volatility in the markets… Read More