Major US Indices Forecast, September 6, 2017, Technical Analysis

S&P 500

The S&P 500 initially went sideways on Tuesday, but then started to roll over rather drastically. As I record this, we are testing the 2450 handle underneath, and that being the case, it’s likely that we will see some attempt at support in that area. However, we have seen a significant amount of bearish pressure after the gap from Friday, and I think we are going to see a bit of a correction. Most pundits are looking for a correction, and although the algorithmic traders keep coming back to buy the market, I think that this is desperately needed and as traders come back from holiday we could see a bit of a correction… Read More

Dow Jones 30

The Dow Jones 30 initially went sideways on Tuesday, but then fell from a cliff and broke down. Ultimately, I think that the market should continue to find sellers only because we have recently been a bit over heated, and we could continue to see rallies offer selling opportunities. I don’t think that the uptrend is over, I just think that the long-awaited correction has shown itself. I would not be a buyer in this market until we get a daily candle that is very supportive. In the meantime, I think short-term sellers will return to this market repeatedly, as it looks like the sharks smell blood in the water… Read More

NASDAQ 100

The NASDAQ 100 also went sideways initially during the day but started to fall right away as Americans came back to work. The 5900 level is currently looking supportive, but if we break down below there, then the market should go looking to lower levels for support. The NASDAQ 100 has been the leader of other indices for some time, so pay attention to this chart, even if you are not trading this particular market. It will tell you where the other ones are getting ready to go. I believe that we are starting to see a correction here as well… Read More