Major US Indices, Forecast for The Week of June 26, 2017, Technical Analysis

S&P 500

The S&P 500 initially tried to rally during the week, testing the 2450 handle. However, we pulled back from that level in order to form a shooting star. I believe that there is a significant amount of support just below though, so having said that I think that we will eventually go to the upside. Ultimately, if we can break above the top of the shooting star, and of course the 2450 handle, the market should continue to go to the 2500 level. This is a longer-term uptrend, and that being the case I think that pullbacks should offer value that people will be looking to take advantage of, and I believe that the 2400 level underneath should be the bottom of the uptrend… Read More

Dow Jones 30

The Dow Jones 30 had a volatile week, initially dropping, but then breaking well above the 21,400 level. By the end of the week, we rolled right back over and form a shooting star. I believe that this market continues to go higher, and I believe that the Dow Jones 30 is continuing to enjoy bullish pressure as we go forward. I like pullbacks, as they offer value, and the 21,000-level underneath should be support… Read More

NASDAQ 100

The NASDAQ 100 exploded to the upside during the week, bouncing off the 5700 level after the significant selloff that we had seen. The NASDAQ 100 has lead the way for other US stock indices in the past, and it looks as if we’re getting ready to see that yet again. If we can break above 5900, I think then we go to the 6000 level. Pullbacks continue to be buying opportunities, as the explosive move in the technology sector continues… Read More