Major US Indices Forecast, August 9, 2017, Technical Analysis

S&P 500

The S&P 500 shot higher as Americans got to work on Tuesday, testing the 2490 region. I still think that there is a massive barrier near the 2500 level, so we will have to see several attempts to break above there. I think pullbacks offer buying opportunities, and certainly you can’t sell this market anytime soon. Ultimately, I think that the market does break to the upside and that should give us an opportunity to be more “buy-and-hold” with this market. I don’t have any interest in selling, I believe that there is more than enough reason to think that we are going to continue to go to the upside. The jobs opening announcement coming out during the day on Tuesday much higher than anticipated it was good for the stock market, as it shows that the US economy is picking up value… Read More

Dow Jones 30

The Dow Jones 30 initially went sideways during Tuesday, but the Americans came aboard and pushed the market to the upside. In fact, we broke above the 22,150 level, and although we are pulling back a little bit during the trading session, we should see plenty of support underneath. Given enough time, the market should continue to find buyers, and the longer-term bullish run should continue. The 22,000 level underneath is massively supportive, and I believe will continue to act as a “floor” in the market… Read More

NASDAQ 100

The NASDAQ 100 initially fell, but found buyers to turn things around and break above the 5950 handle. It looks as if are trying to pull back, but I think that there will be buyers underneath and I think at that point will probably go looking towards the 6000 handle to the upside, as the market tends to look for the large, round, significant numbers… Read More