Major US Indices, Forecast for The Week of November 6, 2017, Technical Analysis

S&P 500

The S&P 500 fell initially during the week but turned around to form a hammer. This is a market that shows an extreme amount of support at the 2550 level, but quite frankly I am getting a bit concerned as we are overbought. Ultimately, this market should go looking towards the 2600 level, and we could very well do that this week. I think the dips are buying opportunities, and that’s exactly how they should be looked at, opportunities to pick up value. Once we can break above the 2600 level, the market should go much higher, perhaps reaching towards the 2700 level… Read More

Dow Jones 30

The Dow Jones 30 initially fell during the week but turned around to break above the 23,500 level. By doing so, looks likely to continue the uptrend, and I think that the market would reach towards the 24,000 level. I think that pullbacks are necessary to take advantage of value, which we are getting a bit away from at this point. I would be hesitant to go long of this market, as I think the market should continue to be bullish, but I think buying at the highs here is a very dangerous move. I would love to see a pullback to at least 23,000 or so, if not 22,000 after that… Read More

NASDAQ 100

The NASDAQ 100 initially fell during the week, reaching towards the 6200 level. Ultimately, this market should continue to go much higher, but we are more than likely needing to see some type a pullback to put together some value. I look at pullbacks as an opportunity to pick up the NASDAQ 100 “on the cheap”… Read More