Major US Indices Forecast, July 12, 2017, Technical Analysis

S&P 500

The S&P 500 it was very volatile during the day on Tuesday, as Donald Trump Junior emails were released that spooked the market. Ultimately though, looks as if the market wasn’t ready to go anywhere, as we ended up trading in the range after all. The volatility of course will have scared a lot of people out of the market, but you can see that we turned right back around and captured those losses. The market looks likely to continue to be range bound between now and when Janet Yellen speaks in front of Congress, which will have a massive effect on the US dollar overall… Read More

Dow Jones 30

The Dow Jones 30 had a volatile session on Tuesday, as Donald Trump Junior was forced to release emails. This started the whole Russia investigation thing going again, and that of course has scared quite a few traders. However, you will see that we turned around to recover those losses, and at the end of the day we stayed within the range that we have been trading and on Monday as well. I think the market is simply in a “wait and see” mode, as Janet Yellen is speaking in front of Congress today… Read More

NASDAQ 100

The NASDAQ 100 of course did the same thing, as we continue to bounce around just below the 5700 level, this is a market that I think will continue to be volatile and choppy, but if we can break above the 5710 level, then I think that the market will probably go looking towards the 5770 handle after that. I have no interest in trying to sell this market, as I believe there is plenty of support below, but it may be volatile as Janet Yellen speaks during the day. Longer-term, I still anticipate that the NASDAQ 100 will then go to the 5900 level, and then possibly even the 6000 level… Read More