Major US Indices Forecast, July 19, 2017, Technical Analysis

S&P 500

The S&P 500 went sideways during most of the day but then fell on American trading as we reached down to the 2450 handle. The market looks very well supported there as it had been massively resistive. I think that the market will continue to find buyers in that area, and therefore short-term pullback should be buying opportunities. The 2500 level above is the longer-term target in general, so having said that I think that the market will continue to be a “buy on the dips” situation as the S&P 500 works its way through the earnings season. That causes volatility, and of course that could make it a very difficult and interesting move. I think that as long as we can stay above the 2450 handle, I believe that the market will continue to be one that you can buy… Read More

Dow Jones 30

The Dow Jones 30 went sideways initially during the day, and then fell significantly towards the 21,500 level. We are starting to see some type of stability there though, so I think the more than likely we will see buyers return to this market and push the Dow Jones 30 higher. Because of this, if you can handle the volatility I think that short-term buyers will be rewarded rather quickly. I don’t have any interest in selling, least not until we break down below the 21,000 level, which isn’t going to happen anytime soon. Given enough time, the market should continue to go much higher… Read More

NASDAQ 100

NASDAQ 100 traders went sideways during most of the day but did dip early in the American session. Having said that, we turned around on an hourly hammer, and broke out to a fresh, new high. I believe that the market will continue to be a “buy the dips” situation going forward, and I believe that the 5800-level underneath should continue to be massive support. Essentially the “floor” of the market. I think the given enough time we will then go to the 5900 level, and then eventually the 6000 level after that… Read More