Major US Indices, Forecast for The Week of December 11, 2017, Technical Analysis

The S&P 500 initially fell during the week but found enough support later to turn things around and form a hammer at the 2650 handle. A break above the top of the candle should send this market to the upside yet again, as I think the market will go looking towards the 2700 level above. A breakdown below the bottom of the candle would be very negative, perhaps looking towards the 2600 level next. A breakdown below there should send the market much lower and towards the 2550 handle. Ultimately, this is a market that is bullish, and you certainly can’t sell, and it almost looks as if it’s ready to go into more of an impulsive move… Read More

Dow Jones 30

The Dow Jones 30 has gone back and forth during the week, forming a slightly neutral candle. I believe that pullbacks at this point, which I believe are also going to be very likely, should be buying opportunities. I believe that the markets will continue to go higher, and I think that the 23,500 level is massively supportive, and essentially the short-term “floor.” Overall, I do believe that selling is all but impossible, least not until we would break down below the 23,250 level, which would show a shift in attitude, and most certainly if we managed to break down below the 22,000 handle… Read More

NASDAQ 100

The NASDAQ 100 has found enough support underneath to bounce and form a hammer again this week, and that tells me that the market is trying to break above the 6400 level, eventually reaching towards the 6500 level above. If we were to break down below the 6200 level, then we may go to the 6000 level eventually, but right now it appears that all stock markets are ready to rally, and that, of course, means that we will probably continue to see traders pick up these dips as value… Read More