Major US Indices Forecast, October 11, 2017, Technical Analysis

S&P 500

The S&P 500 rallied initially during the day on Tuesday, reaching towards the 2550 handle, but then turned around to fall significantly. I think the market is going to continue to go back and forth and the short-term, but longer-term I do like buying the S&P 500 as I believe that the uptrend should continue. Ultimately, the market should go higher, but I think that we are currently trying to build up the momentum necessary to continue to reach towards the upside. I think that the 2540 handle underneath offer support and that the bottom of the overall trend is to be found near the 2500 level… Read More

Dow Jones 30

The Dow Jones 30 initially tried to rally during the day on Tuesday but rolled over to test the 22,750 level. I believe that given enough time there is plenty of buying opportunities below, perhaps reaching towards the 22,850 level again. I think that the 24-hour exponential moving average should continue to find buyers attracted to it as well, as the Dow Jones 30 is attracting more money as money continues to go into industrials and financials both. Because of this, I think the Dow Jones 30 will continue to see plenty of opportunities to go higher… Read More

NASDAQ 100

The NASDAQ 100 initially tried to rally, but then fell towards the 6050-handle underneath. That is an area that is massively supportive, and I think that sooner or later the buyers will come back into the marketplace and start buying again. The 6080 handle above is resistance, but longer-term I think were to go looking towards the 6100 level above, and then possibly the 6200 level after that. We have recently broken out above the 6000 level, which set off a nice ascending triangle, which measures for moved to the 6200 level above… Read More