Major US Indices Forecast, October 2, 2017, Technical Analysis

S&P 500

The S&P 500 rally during the day on Friday as per usual, as the algorithmic traders continue to jump back into this market. I think the short-term dips continue to be buying opportunities, and I will treat them as such. The 2500 level underneath should be a floor, which extends down to the 2490 handle. A breakdown below the 2490 handle would be very negative for the market, but I just don’t see it happening. I’ve noticed that every time this market starts to sell off, algorithmic traders command and flood the market with by orders… Read More

Dow Jones 30

The Dow Jones 30 initially fell on Friday but found enough support near the 22,300 level to turn around and rally. It now looks as if the market is ready to continue the massive uptrend, and I believe that the Dow Jones 30 will continue to reach towards the 22,500 level over the next several sessions. I believe the pullbacks are buying opportunities, as we continue to see people try to pick up value in the industrials. There has been a bit of a rotation into the Dow Jones 30 as of late, but now we are starting to see stocks everywhere in the United States explode to the upside as talk of tax referendum hit the forefront of traders minds… Read More

NASDAQ 100

The NASDAQ 100 also rallied, reaching towards the 5970 level. This is a market that had previously led the rest of the US indices higher, and it now looks as if it is reasserting its dominance. However, I think that they are all moving in lockstep anyway, so I like the idea of buying dips and all three of the major indices of we follow here at FX Empire, with the NASDAQ 100 be no different. I believe that the 6000 level above will be resistance though, so we may have a bit of a fight on our hands in that region. I think pullbacks in the level should be buying opportunities through… Read More