Major US Indices Forecast, October 10, 2017, Technical Analysis

The S&P 500 had a volatile session on Monday, reaching towards the 2550 handle. I believe that the market continues to bounce around in this general vicinity, and the potential ascending triangle that is forming on the hourly chart suggests that we could get a bit of buying pressure. If we can break out to a fresh, new high, the market should then go towards the 2600 level above. I think that the market continues to see noisy action, as we have gotten a bit ahead of ourselves as of late… Read More

Dow Jones 30

The Dow Jones 30 went sideways during the Monday trading session as we continue to hover around the 22,750 level. By doing so, it looks as if the market is trying to catch his breath after a significant run higher, and I believe that the markets pulling back at this point should be buying opportunities. I believe that the 22,500-level underneath should be a bit of a “floor” in the market, and I also believe that eventually, we will go to the 23,000 level above. The markets remain bullish overall, but after the significant moves, we have needed to catch our breath and build up momentum for continued bullish pressure… Read More

NASDAQ 100

The NASDAQ 100 was slightly bullish during the day on Monday, but quite frankly is looking to build up momentum in this area. I believe that the 6000-level underneath is massively supportive, as it was massively resistant in the past. Ultimately, the market should go looking towards the 6100 level above, which will attract a lot of attention. I think that technology has sold off rather significantly, and now is starting to get more money flowing into it again. With that being the case, the market should continue to be choppy, but I believe that it’s only a matter of time before we find reason enough to go long again. Pay attention to Facebook, Apple, Netflix, and Google… Read More