Major US Indices Forecast, July 6, 2017, Technical Analysis

S&P 500

The S&P 500 went sideways initially during the day, but picked up volatility as we continue to find support underneath. I believe that the market turning around at the 2420 handle, shows a significant amount of support. I believe that the market is trying to gain from here, although we are still somewhat range bound. A break to the upside should send this market towards the 2450 level above, after all it is a market that will be volatile, especially with the FOMC Meeting Minutes coming out. Ultimately beyond that though I think that the market will find buyers and that the 2450 level gets broken as we reach towards the 2500 level above… Read More

Dow Jones 30

The Dow Jones 30 initially went higher during the session on Wednesday, testing the 21,500 level. That’s an area that caused a bit of resistance, and I believe that the pullback suggests that there is plenty of support just underneath, near the 21,400 level. Now that we have rallied from there, the market looks as if it is testing the 21,500 level again, and a break above there should send this market looking towards the upside longer term. The interest rate outlook for the United States is going higher, but then again it also helps the market look at the US economy as potentially strengthening… Read More

NASDAQ 100

The NASDAQ 100 went sideways initially on Wednesday, then exploded to the upside. Not only did we fill the gap from a couple of sessions ago, but it looks as if we are reaching towards the 5700 level above which should be resistive. I believe that a break above there sends this market much higher, and has the NASDAQ 100 leading the rest of the US indices higher, as it has previously been a leader in the past. I think that either way, this market will eventually go higher, and pullback should be buying opportunities… Read More