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Major US Indices Forecast, October 16, 2017, Technical Analysis

By:
Christopher Lewis
Published: Oct 15, 2017, 08:27 UTC

S&P 500 The S&P 500 initially was choppy at the open for Friday, but then bounced from the 2550 level to go to higher levels. We now look as if we

US Indices Forecast

S&P 500

The S&P 500 initially was choppy at the open for Friday, but then bounced from the 2550 level to go to higher levels. We now look as if we are free to go even higher, and I think that these pullbacks will continue to offer value. Money is flowing into the S&P 500, as stock markets continue to rally overall. Also, keep in mind that financial stocks are doing better, which does, of course, make up a significant slice of the S&P 500, as interest rates continue to rise. I think the 2550 level now is going to offer a bit of a floor, extending down to the 2540 level. Ultimately, the market should then go to the 2600 level above, which should be resistant due to the large, round, psychological nature of the level… Read More

Dow Jones 30

The Dow Jones 30 initially rally during the day on Friday and then hugged the 24-hour exponential moving average. It looks as if we are trying to break above the 22,900 level, and then eventually will go looking to the 23,000 level which is my next target. I believe that pullbacks continue to offer buying opportunities and that the 22,800-level underneath should be massively supportive. I think that the market continues to chop around, but quite frankly we have earnings season coming into play now, so I think that we will continue to have good enough results to push the market to the upside… Read More

NASDAQ 100

The NASDAQ 100 exploded during the day, reaching to fresh new highs at the 6100 level. Technology certainly has done quite well over the last several days, after breaking above the vital 6000 handle. Now that we’ve done this, the measured move from the ascending trial that we broke out of suggested we were going to the 6200 level, and I don’t see the reason why it won’t happen. I recognize her will be a little bit of resistance at the 6100 level, so I suspect that a pullback coming soon might be reason enough to start going long… Read More

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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