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Christopher Lewis
US Indices Forecast

S&P 500

The S&P 500 initially went sideways, but as the Americans came on board, sold off rather drastically. We reached down towards the 2550 level will we started to see a bit of support, and this is the initial place where I think the buyers may be interested in picking up a bit of value. Even if we break down below here, I think that we will eventually find support at the lower levels, perhaps extend down to the 2500 level. Quite frankly, this market needs to pull back to build up momentum to the upside to continue the uptrend. We have been overextended for quite some time, and this type of creative destruction should be very good for the market and its long-term health ahead… Read More

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Dow Jones 30

The Dow Jones 30 rolled over rather drastically as US stock traders sold everything in sight. Quite frankly, this is a market that has been overextended for some time, and thinking that we could continue the trajectory that we had seen over the last several weeks was a bit foolhardy. However, if you are patient enough you should see value in the market return, and I think that we could fall as low as 23,000 and still retain a very bullish attitude. Remember, the markets climb a wall of worry while falling like a knife. This is essentially what we’re seeing, hot and nervous money flowing out of the market. We are still very much in an uptrend, so I’m waiting for a sense of stability to return to the market, so I can take advantage of the new value, and start buying again… Read More

NASDAQ 100

The NASDAQ 100, of course, fell as well, slicing through the 6050 handle. This is a significant development, and what this tells me is that we may have a little bit of follow-through to the downside. However, I have absolutely no interest in trying to short this market, as I recognize the 6000-level underneath being massively supportive as it was massively resistive. Looking for some type of stability or supportive candle is what I am doing now, and I think I will get it over the next couple of days. Let the panic subside, and then pick up the cheap NASDAQ 100 is how I look at this market… Read More

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