Major US Indices Forecast, June 27, 2017, Technical Analysis

S&P 500

The S&P 500 had a volatile session on Monday, as we initially took off to the upside but ran into trouble due to the disappointing US Core Durable Goods announcement coming out. This of course sold off the market but as I look at this chart, it’s obvious that the buyers have come back into play, and it now looks as they are trying to let this market yet again. Were in a longer-term uptrend, and I believe that the market is going to go looking for the 2500 level given enough time. I also believe that the 2400 level underneath offers a bit of a floor, and because we are above that level I have no interest in shorting… Read More

Dow Jones 30

The Dow Jones 30 gapped lower at the open on Monday and then turned around to shoot straight through the air, testing the 21,500 level. We sold off drastically though, as the Core Durable Goods Orders announcement came out much lower than anticipated in America. However, it looks as if the 24-hour exponential moving average is offering dynamic support, and of course the 21,400 level. I believe that given enough time, we will break out to a fresh, new high and I think that this move has been a nice buying opportunity. I have no interest in shorting the market, after all, the Dow Jones 30 is essentially the blue-chip stock index for traders around the world… Read More

NASDAQ 100

The NASDAQ 100 initially rally during the day, testing the 5850 handle. We ended up falling significantly from there, testing the 5775-level underneath. However, we ended up forming a massive hammer on the hourly chart, and it now looks as if the market is ready to continue the uptrend. I think that the market should then go to the 5900 level above, and then eventually 6000. I have no interest in selling this market, it has lead the other US indices higher over the longer term. I believe that the NASDAQ 100 should continue to benefit from a red-hot biotech sector, and have no interest in shorting… Read More