Major US Indices Forecast, July 25, 2017, Technical Analysis

S&P 500

The S&P 500 initially fell on Monday, but continue to find support near the 2465 handle. Because of this, I think the market will bounce eventually, as this is an area that should be well supported. I think that the market will probably go looking towards the 2470 handle, and then the 2475 handle. Remember, we are in the busiest week of earnings season for the S&P 500, so headlines will continue to bash this market about. Given enough time, I do believe that the buyers come back, and I do believe that the S&P 500 retains its bullish tone. With a sudden emphasis on the Federal Reserve looking a little less hawkish than previous, it’s likely that stock markets will continue to feed on the liquidity frenzy that we continue to see… Read More

Dow Jones 30

The Dow Jones 30 market sold off initially on Monday, but interestingly enough found enough support at the 21,500 level to turn around and form a bit of a supportive candle on the hourly chart. I believe we are going to see a lot of bullish pressure in this area, or at least significant support. Because of this, I am a buyer of this market, as I believe we will bounce to the 21,550 handle, and then towards the highs again at the 21,650 level. The Federal Reserve continues to look like it’s becoming a bit more dovish, and the US traders are all over that scenario… Read More

NASDAQ 100

The NASDAQ 100 was actually a bit bullish at the same time as the Dow Jones 30 selling off, and I think that’s the real underlie her of the market. The NASDAQ 100 has lead the way for other US indices, and I think that will continue to be the case. I still have a target of 6000 and the NASDAQ 100 so I believe that there is plenty of value to be had on dips. 5900 should continue to offer support, and quite frankly I have no interest in selling this market if we are still above the 5800 level, which I think we will be for the foreseeable future. Ultimately, I think that the market continues to find buyers as the NASDAQ 100 and technology in general has been a leader in the United States, as well as other stock markets around the world… Read More