Major US Indices Forecast, November 1, 2017, Technical Analysis

S&P 500

The S&P 500 rallied a bit during the day on Tuesday, reaching towards the 2575 handle, before pulling back to the 2570 handle, and then rallied again. It’s a bit sloppy, but I have a bullish flag on the hourly chart. If we can break out above the 2580 handle, I think the market will then go towards the 2600 level. Ultimately, pullbacks continue to be buying opportunities, as we are in a longer-term uptrend. We are in the middle of her earnings season though, so it’s likely that the volatility will increase, not decrease. Given enough time, I think we not only reach the 2600 level but breakout above there and continue to go much higher… Read More

Dow Jones 30

The Dow Jones 30 went sideways overall but showed signs of positivity during the day on Tuesday as the 23,350 level looks to be supportive. I believe that the market will eventually go looking towards the highs again, near the 23,500 level. A break above there census market much higher, perhaps reaching towards the 24,000 longer term. I think the pullbacks continue to offer value in a market that continues to show signs of bullish pressure over the longer term, and you can even make an argument for an ascending triangle on the hourly chart… Read More

NASDAQ 100

The NASDAQ 100 rally during the day on Tuesday, reaching towards the 6250 level above, which has been resistance during the previous session. I believe the pullbacks should be buying opportunities, and I also recognize that the 6200 level underneath is massive support. If we can continue to go higher, the 6200 level should then become the bottom of the uptrend. However, if we were to break down below the 6200 level, then I think the market will probably go down to the 6100 level after that… Read More