Major US Indices Forecast, September 4, 2017, Technical Analysis

S&P 500

The S&P 500 initially tried to rally during the day on Friday but gave back quite a bit of the gain. Ultimately, the market looks as if it is going to find buyers underneath though, as we have seen such a massive candle formed for the week. With this in mind, I believe in buying dips as the trading community continues to look at the S&P 500 as the value at lower levels. Ultimately, I think we are trying to build up enough momentum to finally break above the 2500 level. Selling is all but an impossibility… Read More

Dow Jones 30

The Dow Jones 30 had a volatile session on Friday, as one would expect with that being the jobs report number. A lot of profit-takings was the culprit towards the end of the day as the market ended up flat. That being the case, it looks like the 22,000 level is going to cause issues again, but a break above the highs of the session would be reason enough to start buying again. The weekly candle is very strong, so I believe that ultimately the buyers will return on dips as they offer value. I have no interest in shorting anytime soon as the momentum is most certainly to the upside… Read More

NASDAQ 100

The NASDAQ 100 had a very quiet session, dipping ever so slightly from the highs just above the 6000 level. The 6000 level, of course, has a certain amount of psychological significance, but I think that the market will overcome that level given enough time. Once we do, then were free to go to the 6100 level. I think the 5900-level underneath is support… Read More