Major US Indices Forecast, September 7, 2017, Technical Analysis

S&P 500

The S&P 500 rallied slightly during the day on Wednesday, and it looks likely that the market is going to try to rally and fill the gap from a few sessions ago. We are in a longer-term uptrend, so it makes sense that the buyers came in on the pullback. Ultimately, the market should continue to go much higher, reaching towards the 2500 level as the algorithmic traders seem to jump into the market every time we pull back. The 2450 level underneath offers significant support, and therefore think it’s only a matter of time before we test the vital resistance barrier above… Read More

Dow Jones 30

The Dow Jones 30 rallied a bit during the day on Wednesday, bouncing from the 21,700 level. We are starting to see the market trying to take back the gap from several sessions ago, so we could continue the upward momentum. However, I don’t think that it’s going to be very comfortable to hang onto a long position in a market that has been so volatile with outside influences such as North Korea coming into play… Read More

NASDAQ 100

The NASDAQ 100 did very similar work on Wednesday, testing the 5900 level underneath as support. The market looks likely to try to continue to go to the upside, and it looks like the 5900 level continues to offer a floor. Given enough time, I think we will try to recapture the 6000 handle above and go further… Read More