Major US Indices Forecast, November 9, 2017, Technical Analysis

S&P 500

The S&P 500 rallied during the day on Wednesday, reaching towards the 2600 level yet again. I believe this area will continue to offer extreme resistance, so it’s likely that we may have to pull back to build up the momentum to break out to the upside. If we can break above the 2600 level, I think the next target is probably the 2700 level above. I think pullbacks at this point should be buying opportunities, as the 2575 level has offered support. Longer-term, the market should continue to be a situation where buyers come in on dips, based on the idea of value. I think that the market should continue to be very volatile, and of course, you should keep in mind that longer-term it is likely a bit overbought. However, given enough time, the buyers tend to return… Read More

Dow Jones 30

The Dow Jones 30 initially was volatile during the trading session on Wednesday but found the 23,500 level to be supportive enough to turn the market around and break out. I think the market is probably going to go looking towards the highs again, meaning that we should go looking towards the 23,600 level. I think pullbacks should continue to find support at the 23,500-level underneath, and that’s likely to be a bit of a “floor” for the short-term traders. I think that given enough time, the market should continue to attract money as pullbacks represent value in what is an obvious uptrend longer term… Read More

NASDAQ 100

The NASDAQ 100 has broken out to a fresh, new high, breaking above the 6300 level. The NASDAQ 100 should continue to be very bullish, it’s likely that the buyers will be willing to pick up dips as value. I think the 6300 level at this point is the “floor” of the market, and that it’s only a matter of time before we go much higher. Longer-term, I believe that the 6500 level above is the target, but I also recognize that there will be quite a bit of volatility. The NASDAQ 100, of course, is volatile by its very nature, as it is technology driven… Read More