Major US Indices, Forecast for The Week of July 17, 2017, Technical Analysis

S&P 500

The S&P 500 initially fell during the week, but found enough support underneath to turn things around and reach towards the 2450 handle. If we can break above the 2455 level, the market should continue to go higher, and perhaps reach towards the 2500 level. The market is in an uptrend, so this is my base case scenario, that we will eventually break out to the upside, but we may have to pull back in the short term to build up the momentum to do so. The 2500 level above is massively resistive, but I think given enough time we will probably break above there as well… Read More

Dow Jones 30

The Dow Jones 30 initially fell during the week but found enough support near the 21,250 level to turn things around and break above the 21,500 level. Now that we have broken above there, I believe that the Dow Jones 30 is ready to go higher, and therefore short-term pullbacks are probably going to be buying opportunities. Buy-and-hold traders are most certainly going to be involved as well, and I now think that the Dow Jones 30 will go looking towards the 21,750-level next, with an eye on the 22,000 level… Read More

NASDAQ 100

The NASDAQ 100 broke the top of a weekly hammer from the previous week, slicing through the 5700 level, and then eventually the 5800 level. Because of this, the market should continue to go higher, perhaps reaching towards the 5900 level. A break above there sends this market looking for the 6000 handle longer term. That’s my target anyway, and I like the look at this chart so therefore I am a buyer of dips and the NASDAQ 100 expecting the buyers to continue to push this market to the upside. Ultimately, this is a market that’s in a strong uptrend, and the chart looks as if it is trying to form some type of bullish flag, and that could send the markets to even higher levels than I am predicting currently… Read More