Major US Indices, Forecast for The Week of August 14, 2017, Technical Analysis

S&P 500

The S&P 500 initially tried to rally during the week but then fell rather significantly. A lot of this nonsense is due to the noise coming out of the United States and North Korea, and quite frankly I think it’s only a matter of time before the buyers come back in due to the value that markets offer on this pullback. Quite frankly, this is a market that continues to find plenty of reasons to rally, and I believe that the 2400 level below should offer a nice floor. It’s not until we break down below there that I would consider selling. I look at these dips as nice buying opportunities in a market that is continuing to show signs of strength every time we pull back… Read More

Dow Jones 30

The Dow Jones 30 initially tried to rally during the week but then broke down below the 22,000 level. It looks likely that the market is going to go down to the 21,500 level after that. If we break down below the bottom of the candle, then it’s a shorter-term a selling opportunity, but if we can’t, then I think what we’re going to see is consolidation around the 22,000 level. This is a market that’s been in an uptrend for some time, so more than likely we will eventually attract value investors at lower levels… Read More

NASDAQ 100

The NASDAQ 100 has rallied significantly after falling rather hard during the week. The 5700 level below seems to scare investors from selling too much, and it looks like the buyers are trying to come back. The market should then go climbing towards the 5900 level, and then perhaps to the 6000 level after that. I don’t have any interest in selling, I believe it’s only a matter of time before the buyers return and that there is a significant “floor” somewhere near the 5500 level underneath… Read More