Major US Indices Forecast, July 10, 2017, Technical Analysis

 S&P 500

The S&P 500 initially went sideways during the day on Friday, as the market awaited the jobs number coming out of the United States. It was much better than expected, so the S&P 500 got a bit of a boost during the day as we reached towards the 2420 handle. The market has stabilized just below there, so I think the given enough time it’s likely that the buyers will return and perhaps send this market towards the 2425 handle. If we can break above the 2425 handle, that would be a very bullish sign, and could send this market looking as high as 2450 above, which has been resistance several times now. A break above that sends the market looking towards my longer-term target of 2500… Read More

Dow Jones 30

The Dow Jones 30 went sideways initially during the day on Friday, but after the jobs number came out, the Dow Jones 30 went much higher, showing signs of resiliency. The market seems to be using the 21,350 level as support, and should eventually go much higher, perhaps reaching towards the 21,400 level, and then eventually the 21,500 level. A break above that area should send this market much higher, as it would show a significant amount of resiliency in the Dow Jones 30 which has seen quite a bit of bullish pressure over the longer term. Markets seem to be offering “buy on the dips” opportunities, and I will take advantage of those as we go higher… Read More

NASDAQ 100

The NASDAQ 100 went sideways initially during the session as well, but had a similar reaction after the jobs number. We shot much higher, and it now looks as if the NASDAQ 100 is trying to break out to the upside. If we can continue the upward pressure, I believe we go to the 5700 level. A break above there is very bullish and should continue to push this market to the upside longer term. The NASDAQ 100 has been one of the more bullish markets in general, and I believe that will continue to be the case going forward although we may have seen a bit of sector rotation into the industrials, favoring the Dow Jones 30… Read More