Major US Indices Forecast, July 5, 2017, Technical Analysis

S&P 500

The S&P 500 gapped lower in the CFD market on Tuesday, but then went sideways to show signs of support at the 2425 handle. By rallying the way, we did, the market tried to fill the gap, but quite frankly the action on Tuesday will be unimportant, as the markets will more than likely should readjust to what’s happening with the underlying index which of course was closed for Independence Day. Because of this, I don’t read too much into the chart but I do look at the market as one that has a lot of support underneath it, and that we are more than likely going to find buyers based upon the recent action… Read More

Dow Jones 30

The Dow Jones 30 gapped lower at the open in the CFD market on Tuesday, but we continue to grind sideways in general near the 21,500 level. If we can break out to the highs that we had seen the previous session, the market could continue to go much higher, perhaps reaching towards the 22,000 level. I believe the pullbacks offer value, and that the recent earnings season has been relatively strong in the S&P 500, which should continue to have a knock-on effect in the stock markets. I believe that given enough time, the market should continue to go to the 22,500 level after that… Read More

NASDAQ 100

The NASDAQ 100 gapped lower at the open in the CFD market on Tuesday, and then fell to the 5570 level. We bounced from there to fill the gap, and then turned around to roll over a little bit. It will be a very interesting market to deal with, and if we break down to a fresh, lower level, the market should continue to grind towards the 5500 level. Alternately, if we break out to the upside, the market will probably go to the 5700 level. This is a market that continues to be volatile, as the NASDAQ 100 is struggling due to the selling off technology stocks… Read More