Major US Indices, Forecast for The Week of November 13, 2017, Technical Analysis

S&P 500

The S&P 500 went back and forth during the week, forming a neutral candle. The 2600 level above is massive resistance, and I think that it makes sense that we continue to pull back, perhaps even grind sideways to build up enough momentum to continue going higher. If we break down below the 2550 handle, I am not willing to sell this market, but would simply wait for a buying opportunity at lower levels, namely the 2500 level. Longer-term, I think that the market continues to show plenty of bullish pressure, and with the earnings season, we have seen good gains… Read More

Dow Jones 30

The Dow Jones 30 went back and forth during the week, as we struggled to break above the 23,500 level. Ultimately, I think that it’s likely that we are going to pull back from here, as we have gotten a bit overextended. If we can break above the top of the candle, I think that the market could continue to go higher, but quite frankly this is a market that is a bit overextended. Ultimately, I think that pullbacks are nice buying opportunities and value. The Dow Jones 30 is a market that I would not be interested in selling, so I think that it’s likely that the value hunters will be looking… Read More

NASDAQ 100

The NASDAQ 100 went back and forth, forming a neutral candle as well. It looks as if the 6300 level offers a significant amount of resistance, and I think that we could pull back a bit, perhaps even as low as 6000 if we get some type of value. The 6000 level is previous resistance, and it should now be supportive based upon the breakout. I think that market memory could come into play, but likely it’s going to only offer value that we can take advantage of. Alternately, if we can break above the top of the candle for the week, then we should go to the 6400 level. However, this is a market that has been overextended, and it makes sense that a pullback is needed to get fresh money into the market… Read More