Major US Indices Forecast, October 24, 2017, Technical Analysis

S&P 500

The S&P 500 has been very volatile during the day on Monday, as the 25 Eddie level has been massively resistive. We have pulled back to test the 2570 handle, and both times it has offered support. I think we could probably break down from there as well, but longer-term I am still very bullish on the S&P 500 as the market has been in a very strong uptrend. However, we have got a little ahead of ourselves over the last couple of days, so this pullback is probably necessary. It should be a momentum-building exercise, and that could give us an opportunity to pick up value at lower levels… Read More

Dow Jones 30

The Dow Jones 30 went sideways during most of the day on Monday, catching up to the 24-hour exponential moving average. It looks as if we are somewhat supported at the 23,300 level though, so I think it’s only a matter of time before the buyers return. Even if we pull back from here, I believe there is plenty of support underneath, especially near the 23,200 level. Look at pullbacks as potential value, we been in an uptrend for some time and of course, industrials seem to be leading the way… Read More

NASDAQ 100

The NASDAQ 100 went sideways initially during the day on Monday but then broke down significantly. The 6100 level seems to be a bit of an equilibrium for the price now, so I think if we can turn around and break above the 6110 level, will go to the 6125 level again, which of course was the high have the day. Given enough time then I think we breakout above there and continue the overall uptrend. Remember, based upon longer-term charts I believe that we are going to go to the 6200 level above, and that still remains the target. Ultimately, I think that pullbacks offer value, and the NASDAQ 100 should continue to be a bullish market right along with the rest of the US indices… Read More