Major US Indices, Forecast for The Week of September 18, 2017, Technical Analysis

S&P 500

The S&P 500 rallied a bit during the week, slamming into the 2500 level. If we can break above that level, the market should continue to go much higher, perhaps turning into a “buy-and-hold” situation. Alternately, if we pull back from here, I would expect to see plenty of support near the 2450 level. Ultimately, I have no interest in shorting the S&P 500 as it looks so bullish. Given enough time, I do think that we eventually break out. Longer-term, I would have a target for 2600… Read More

Dow Jones 30

The Dow Jones 30 broke out to the upside, slicing through the 22,000 level during the week. In fact, we are closing towards the top of the range for the week, and therefore I think that the Dow Jones 30 continues to go much higher. Because of this, I am a buyer of dips, and I believe that holding onto this position is probably about the best thing that we can do. The 21,500-level underneath should be support… Read More

NASDAQ 100

The NASDAQ 100 rallied a bit during the day, reaching towards the 6000 level. If we can break above there, the market should continue to go much higher. If we pull back from here, I think that the 5900-level underneath will be support, offering value the traders will take advantage of. The NASDAQ looked especially strong on Friday, and I think we are going to see a continued bullish pressure in this market… Read More