Major US Indices Forecast, July 26, 2017, Technical Analysis

S&P 500

US stock indices in general had a very strong session on Tuesday, as we have broken out to fresh new highs. The S&P 500 breaking towards the 2480 level was no exception, and I think that the impulsive move, although perhaps a little bit overdone, will continue pending what happens with the FOMC. I think that the interest rate statement and of course the general outlook of the FOMC will have a massive effect on this market, but even beyond that, I believe that the bullish pressure continues for several different reasons… Read More

Dow Jones 30

The Dow Jones 30 had a very strong session during the trading session on Tuesday, as earnings reports were favorable for several companies. We reach to the top of the recent consolidation area, but then pulled back as traders are starting to focus on the FOMC Statement coming out today. Ultimately, I believe that the upward trend continues, and pullbacks should be thought of as buying opportunities, especially if we can stay above the vinyl 21,500 level. Longer-term, I anticipate seeing this market go looking towards the 22,000 level over the next several weeks, as the buyers have been very aggressive in this market and earnings have been quite positive… Read More

NASDAQ 100

The NASDAQ 100 it almost nothing during the day as we await the FOMC Statement, I still believe that the 5900 level below is offering a bit of a “floor” in the market, and that the trading public is probably going to try to reach the 6000 handle above, but with the FOMC Statement coming out, it’s likely that a lot of people were not willing to put money to work until after that volatile part of the session. Longer-term though, this is still a very bullish market, and the consolidation has been good for the longer-term uptrend… Read More