Major US Indices Forecast, October 17, 2017, Technical Analysis

S&P 500

The S&P 500 fell significantly during the day on Monday after initially trying to rally. However, we turned around to show signs of life again, as the 2550 level continues to be a bit of a floor. I think that the S&P 500 will go looking towards the 2600 level above, and that will be the target. I think that every time we dip, you should start looking for value in a market that has been very bullish over the longer term. I think that the market should continue to go towards the upside and the earnings season coming out currently, I think that the markets will continue to be very volatile, and of course favorable… Read More

Dow Jones 30

The Dow Jones 30 rallied during the day on Monday initially, but then pulled back. However, we are trying to find a certain amount of support at the 22,900 level, and I think we are trying to reach towards the 23,000 level. The Dow Jones 30 has been very bullish over the longer term, and I think it is going to continue to be so in the future. Because of this, I am a buyer and not a seller. Given enough time, I suspect that the Dow Jones 30 will break out above the 23,000 level and go looking towards the 23,500 level after that… Read More

NASDAQ 100

The NASDAQ 100 rallied during the day on Monday, reaching towards the 6115 level, but then fell significantly. However, later in the day, we are starting to see buyers come back into the marketplace, just as Americans have been buying the dips once the Europeans leave for some time. I think that the 6050-level underneath is the floor, and now we could even see the 6100 level offer a bit of support. Longer-term, I believe that pulling back continues to be an opportunity to pick up value in technology, which of course has been doing very well… Read More