Major US Indices Forecast, October 18, 2017, Technical Analysis

S&P 500

The S&P 500 went sideways during most of the session on Tuesday but then drifted a bit lower. Quite frankly, the market looks a bit stagnant and is probably going to continue sideways in general, as we have seen a significant amount of gains as of late, and may need to digest this move. Because of that, I think that it’s only a matter of time before we rally, but it could be a bit choppy between now and then. Markets will more than likely find a reason to go higher through earnings, as we have already seen financials do very well… Read More

Dow Jones 30

The Dow Jones 30 when hired during the session on Tuesday, reaching towards the 23,000 level above. That’s an area where we have seen a bit of resistance, as it is a large, round, psychologically significant number. The market looks likely to pull back from here, but I think that it’s only a matter of time before the buyers come back and push this market above that level. Once we clear the 23,000 level, the market should continue to go even higher. The 24-hour exponential moving average has been very reliable as dynamic support, and I think that it’s only a matter of time before we find a reason to go higher… Read More

NASDAQ 100

The NASDAQ 100 drifted slightly lower during the day on Tuesday, but as you can see there is a significant uptrend line on the hourly chart, that has offered support. I think that we will continue to go higher, but it’s a market also that is going to continue to be choppy. The NASDAQ 100 continues to lead the overall stock market higher, but if we were to break down below the uptrend line, we could drop towards the 6050 level below which should be massively supportive. If we break down below there, the market and goes to the 6000 handle in my estimation… Read More