Major US Indices Forecast, November 7, 2017, Technical Analysis

S&P 500

The S&P 500 has rallied yet again during the session on Monday, breaking to a fresh, new high. It looks like we are trying to get above the 2600 level eventually, and a move above that should send this market even higher. However, I think that pullbacks will be buying opportunities, and that’s probably what we will see in the meantime as it will take a significant amount of momentum building to break out. I look to buy on the dips, and it certainly looks as if we will get those opportunities below. The 24-hour exponential moving average is turning higher, showing that we continue to find reasons to go long… Read More

Dow Jones 30

The Dow Jones 30 fell initially on Monday, but then broke higher, and at one point even made a fresh, new high. The market looks likely to continue to go higher, as the 24-hour exponential moving average has been offering dynamic support over the last several hours. It is also turning to the upside, and it also looks likely that the €23,400 level underneath is going to offer a bit of a “floor”… Read More

NASDAQ 100

The NASDAQ 100 has broken above the 6300 level and now looks likely to find this area as somewhat supportive. The 24-hour exponential moving average is far below, but it is turning towards the upside, and it looks likely that we will then go to the 6400 level above. Overall, this is a market that should continue to be healthy, as we have been in a nice uptrend for some time, perhaps reaching towards the 6500 level over the longer term. I think the 6200 level will offer a bit of a “floor”, but I think that the market would be hard-pressed to go down to that level… Read More