Major US Indices Forecast, August 8, 2017, Technical Analysis

S&P 500

The S&P 500 showed a little bit of resiliency at the opening on Monday, but I believe we are going to continue to see sideways action as the S&P 500 has been a bit of a laggard in the US indices. Given enough time, we should go looking towards the 2500 level above, which is the medium-term target. A break above there is very bullish instances market in the more of a “buy-and-hold” attitude, but in the meantime, I think you can buy short-term pullbacks as a should be supported near the 2450 handle at the very least. The market seems to be grinding sideways overall, as perhaps we are trying to consolidate all of the news from the earnings season… Read More

Dow Jones 30

The Dow Jones 30 started out the day a bit soft, but I believe that there should be a significant amount of support near the 22,000 level below. Because of this, I think it’s good to be a relatively quiet session on Monday, followed by support on Tuesday. I think a bounce is probably going to be coming closer to the 22,000 level, thereby offering longer-term traders an opportunity to get involved as well as short-term traders. I don’t have any interest in shorting the Dow Jones 30 at the moment, as I think that the market continues to look positive… Read More

NASDAQ 100

The NASDAQ 100 continues to show resiliency, and I believe it will continue to lead US indices higher overall. A break above the 5925 level is bullish, and I believe has the market then looking towards the 6000 handle above. I believe in buying short-term dips as they offer value in a market that has shown such strength… Read More