Major US Indices Forecast, July 13, 2017, Technical Analysis

S&P 500

The S&P 500 initially went sideways during the trading session on Wednesday, but then shot much higher as Janet Yellen began her testimony in front of Congress. That being the case, the market looks as if it likes the idea of interest rate hikes being slower than originally anticipated, and that the supercharge in the stock markets overall. The 2450 level above is resistive, so we could get a little bit of a pullback but I think that the S&P 500 is going to try to continue to go higher, especially considering that so far earning season seems to be reasonable. Once we break above the 2450 handle, I think that the next move is to the 2500 level above which should be massively resistive… Read More

Dow Jones 30

The Dow Jones 30 went sideways initially during the day, and then wrote to the upside as we sliced through the 21,500 level. By doing so, we showed an extreme amount of bullish pressure, but then pulled back to test the 21,500 level for support. This is a market that continues to find buyers, and I think that given enough time we will continue to go even higher. Some type of bounce is what we are waiting to see, and I think that the 22,000 level will be the next target. The Janet Yellen testimony in front of Congress suggested that the interest rate hikes will be more gradual than originally thought, and stocks behaved accordingly… Read More

NASDAQ 100

The NASDAQ 100 broke above the 5700 level which is a very bullish sign. On top of that, we have a bullish flag on the daily chart that has now been broken, and I believe that we are going to go looking towards the 5900 level longer term. I believe in buying pullbacks as the NASDAQ 100 will continue to attract money in the low interest rate environment, and of course with technology doing better than most other sectors. When you look at the markets, the NASDAQ 100 has been a leading set of stocks in America, and I think that is going to continue to be the case… Read More