Major US Indices Forecast, May 23, 2017, Technical Analysis

S&P 500

The S&P 500 was relatively flat during most of the session on Monday, but then shot higher as it looks like we are trying to reach towards the 2400 level. Pullbacks at this point should be thought of as value, as we have broken above a minor resistance barrier in the form of the 2390 handle. Because of this, I look at pullbacks that form supportive candles as value, as the market I believe will make an attempt to break above the 2400 level again… Read More

Dow Jones 30

The Dow Jones 30 had a bullish session as the Americans came back to work on Monday. By showing the strength and breaking above the cluster of resistance at the 20,850 level, I think that the buyers are going to be coming back into the market when we dip on short-term charts. We have yet to fill the gap from 4 sessions ago, which sits at roughly 20,975. I don’t see the reason we don’t do that, and quite frankly I expect this market break out to fresh, new highs given enough time… Read More

NASDAQ 100

The NASDAQ 100 continues to be one of the most bullish indices in the United States, as we approached the 5700 level during the session on Monday. There is a lot of noise in this area, so a pullback makes quite a bit of sense, but I think given enough time the buyers will return, especially near the 5675 handle. I also see significant support at the 5650 level, so I don’t have any interest in selling. A supportive candle underneath is exactly what I’m looking for, but if we break out above the 5700 level with a significant volume enforce, I’d be a buyer there as well… Read More