Major US Indices Forecast, November 6, 2017, Technical Analysis

S&P 500

The S&P 500 went sideways initially during the day on Friday but then dipped towards the 2575 handle. That’s an area where we should see plenty of support, and a bounce from here sent this market towards the 2590 level. I believe that given enough time, the buyers will return every time we dip, and I also believe that eventually, we will try to break above the 2600 level. This is a market that continues to find plenty of buyers on pullbacks and should continue to be a scenario in which we find value below. I think that a break above the 2600 level should send this market to the upside, perhaps driving much higher… Read More

Dow Jones 30

The Dow Jones 30 went back and forth during the session on Friday, bouncing around the 23,500 level. This is an area that has previously been resistive, but it is now supported. I think that the market could rally from here if we can build up enough momentum to continue the uptrend. I don’t have any interest in shorting this market, I think there’s plenty of buying underneath that could lift the Dow Jones 30, reaching towards the 24,000 level… Read More

NASDAQ 100

The NASDAQ 100 went sideways initially during the trading session on Friday but found enough support at the 24-hour exponential moving average to turn things around and send the NASDAQ 100 to fresh, new highs. Now that we have decidedly broken out to the upside, I think that short-term pullbacks continue to be buying opportunities. The 6200-level underneath should offer support going forward, and essentially a “floor” in the market… Read More