Major US Indices Forecast, May 25, 2017, Technical Analysis

S&P 500

The S&P 500 was reasonably quiet during the session on Wednesday as we are approaching a major resistance barrier and of course a large, round, psychologically significant number. The market has seen prices as high as 2405, so I think that the market breaking above there is a very strong sign and the market should continue to go to the 2450 handle. This is a market that has wiped out a significant amount of the panic selling that we saw after the Donald Trump and Russia nonsense, so that being the case I think that there is still plenty of bullish pressure underneath… Read More

Dow Jones 30

The Dow Jones 30 initially dipped just a little bit lower at the open on Wednesday, but we continue to see sideways action as the markets are consolidating after a nice move higher. If we can break above the 21,000 level, I feel that the market will continue to go higher. I also believe that pullbacks offer buying opportunities, and will be seen as value. Ultimately, I think that the market will attract money going forward as the US stock markets have lead the way for the rest of the world… Read More

NASDAQ 100

The NASDAQ 100 went sideways initially during the day on Wednesday, as the 5700 level continues to offer support. We rallied as high as the 5720 handle, and then turned around to test the 24 hour moving average below. I believe that the 5700 level will continue to offer support, and it’s only a matter of time before we go looking for the 5750 handle, which of course is a nice short-term target based upon the large round number. The market has been leading the other indices around the world higher, and I think that is going to continue to be the case… Read More