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

S&P 500

The S&P 500 went back and forth during the week, as it looks supported at the 2450 handle level. Ultimately, I think that the market will eventually go higher but we may need to consolidate in this general vicinity. I believe that the 2400 level underneath should be supportive and that we will eventually go looking for the 2500 level. Once we break above there, it becomes the next leg higher. A short-term pullback should continue to be buying opportunities, and that being the case I think that traders are trying to build up a larger position… Read More

Dow Jones 30

The Dow Jones 30 gapped lower at the open on Monday and then spent the rest of the week going back and forth. The 22,000-level offered resistance, but I think eventually we will break above there. The 21,500-level underneath should offer support though. I believe the uptrend is very strong, but right now it looks like a market that is just simply grinding away to the upside. The fact that we are doing so in such a slow and gentle manner is a good sign, and I believe that eventually, we will break out… Read More

NASDAQ 100

The NASDAQ 100 gapped lower initially during the week and went back and forth as well. It looks as if the 5900 level underneath offered support, and I think we will continue to go higher. Given enough time, I expect this market to break above the 6000 handle, which would be a sign that we are going to the next leg out. I don’t have any interest in shorting, the uptrend line looks very supportive, and until we break significantly below there, I think that this is a “buy only” market… Read More