Major US Indices Forecast, June 21, 2017, Technical Analysis

S&P 500

The S&P 500 fell slightly during the course of the session on Tuesday, slicing below the 2450 handle. The market slicing below that level is a slightly negative sign, but the 2440 level underneath should offer quite a bit of support. I believe that the market will eventually go to the upside as we have seen so much bullish pressure in the S&P 500, and I think that the market should then go towards the 2500 level after that. This is a market that continues to favor the upside due to the better than anticipated earnings season that we have seen, and of course the strengthening US economy… Read More

Dow Jones 30

The Dow Jones 30 had a volatile session on Tuesday, as we dropped down to the 21,500 level. However, the market bounced enough to show signs of life still, so I don’t have any interest in shorting. I believe that given enough time, the market will break out to the upside, especially near the 22,000 handle. I think that given enough time it’s not likely going to be a market that’s easy to deal with, but I believe that the volatility should work in your favor as it offers value from time to time… Read More

NASDAQ 100

The NASDAQ 100 initially fell during the session on Tuesday, but continues to find buyers on dips. Given enough time, we are going to break out and above the top of a massive W pattern, and that should give us an opportunity to go long. Remove above the 5780 level triggers that, and I’m a buyer above there. I also believe in buy-in supportive candle split especially near the 5700 level. US stock indices in general all look very healthy, and I don’t have any interest in trying to fight the recent momentum to the upside. I think that given enough time, we will reach the 6000 handle, but it’s going to take quite a bit of fight and momentum to reach to that level… Read More