Major US Indices Forecast, November 13, 2017, Technical Analysis

S&P 500

The S&P 500 broke down rather significantly during the trading session on Friday but found enough support near the 2573 level to turn around and rally a bit. However, I am a bit hesitant to get long of this market now, because I believe there is more than enough reason to think that we are at the very least overextended, if not right for a major pullback. Ultimately, I think that the geopolitical concerns around the world could ratchet up, and if that’s the case, it should be negative for stock markets… Read More

Dow Jones 30

The Dow Jones 30 fell initially during the trading session on Friday but did bounce a little bit towards the end of the day. I believe that the market is going to continue to see a lot of volatility and I prefer shorting exhaustive rallies on short-term charts. I don’t think that we are going to be able to continue the uptrend without some type a pullback because quite frankly the markets are getting ahead of themselves. That doesn’t mean that I’m willing to short this market in large positions, just that I may switch to a shorter-term trading regiment with small position sizing… Read More

NASDAQ 100

The NASDAQ 100 fell during the session as well but broke above the 6300 level again. This is a market that is slowing down because quite frankly it’s a bit overextended. The market as you can see has continued to find buyers every time we dip, and I think that will be the case as well, but I also recognize that the market is overbought from the longer-term perspective, so it’s probably best to step away from this market until some clarity comes back… Read More