Major US Indices Forecast, July 17, 2017, Technical Analysis

S&P 500

The S&P 500 initially fell during the day on Friday, as less than thrilling economic numbers coming out of the United States, but ultimately regained a lot of the losses. In fact, we managed to break above the 2450 handle, which is the beginning of the “ceiling” in the market. I think that ceiling extends to the 2455 handle however, so I’m not willing to buy into we break above there. Short-term pullbacks will probably be necessary to build up enough momentum to break out to the upside, as more traders see the bullish pressure as likely to continue. With this being the case, I think that we will break out and reach towards the 2500 level over the longer term, and that buying on the dips going forward will probably be the way most traders look at this market… Read More

Dow Jones 30

The Dow Jones 30 went sideways initially during the session on Friday, testing the 24-exponential moving average, as the market looks likely to dance sideways overall. Every time we pull back though, there are buyers and we look as if we are bullish in general. I think eventually we could break out towards the 22,000 level, but it is going to take some bullish pressure to get there. I think that every time this market pulls back, it’s likely that there are buyers getting involved. Because of this, I believe that the 21,500 level continues to offer support. Ultimately, this market continues to be volatile, but I think eventually the buyers will run the show… Read More

NASDAQ 100

The NASDAQ 100 went sideways during most of the session, but eventually broke above the 5800 level to spike towards the 5825 level. We pulled back from there to test the 5800 level, and then bounced again. The market looks likely to continue to go to the upside, and therefore I am a buyer of the NASDAQ 100. The massive support underneath should continue to attract buyers, and with this being the case we should then go to the 5850 handle. Longer-term, I expect that the NASDAQ 100 is going to go looking towards the 5900 level as the weekly chart looks extraordinarily bullish… Read More