Major US Indices Forecast, September 28, 2017, Technical Analysis

S&P 500

The S&P 500 initially tried to rally during the day on Wednesday but pulled back significantly. However, later in the day, we broke back above the 7500 level and it now looks as if we’re going to kill reaching towards fresh, new highs. This is a market that refuses to die, and therefore I think that buying the dips continues to be the way forward. Quite frankly have no interest in shorting the S&P 500, it is a market that simply continues to find buyers under almost any circumstance. Ultimately, I believe that the market then goes to the 2510 level, and then the 2525 level after that… Read More

Dow Jones 30

The Dow Jones 30 had a choppy session on Wednesday, as we continue to dance around the 22,300 level. I think that the market is trying to find a base here though, and it’s only a matter of time before we break out to the upside. Once we do, the market should then go to the 22,400 level. Move above there is a fresh, new high just waiting to happen as we would then go looking towards 22,500 after that. I believe the pullbacks are buying opportunities, and I believe that the Dow Jones 30 is going to continue to benefit from a sector rotation that is currently going on… Read More

NASDAQ 100

The NASDAQ 100 broke above the 5900 level again, and that, of course, is a bullish sign. In fact, we have wiped out the massive selloff from a couple of sessions ago, and now look ready to go much higher. I believe that buying pullbacks will be the way going forward and that the 5900 level now should offer a significant amount of support. Longer-term, I believe that we target the 6000 level again, which has been massively resistive. Someday, perhaps soon, we will see the market breaking above the 6000 level and continuing the longer-term uptrend that we have been in for some time… Read More