Major US Indices Forecast, July 20, 2017, Technical Analysis
S&P 500
The S&P 500 went sideways initially during the day on Wednesday, then shot through the 2460 handle rather handily. It’s very likely that the market will continue to go towards the 2500 level, which is my longer-term target. I believe that short-term pullbacks will be buying opportunities, as the uptrend is very strong. I believe that the market will target 2500 which has been my longer-term target, and I believe that if we can finally break above there, the market will continue to go much higher. I think it will take several attempts though, and therefore I think that a “buy on the dips” type of mentality is probably what we are going to continue to see in the S&P 500, and the US stock indices in general… Read More
Dow Jones 30
The Dow Jones 30 went sideways initially during the day on Wednesday, but then shot higher once the Americans came back. Because of this, looks like the Americans are ready to push the stock markets higher, and therefore I look at pullbacks as potential buying opportunities. Once we get those pullbacks, it’s likely that we will reach towards the 21,650 handle. A break above there should send the market to the 22,000 level. I think that the 21,500-level underneath should continue to be support, and essentially the “floor” in the market. Given enough time, I think that the market should show volatility, but upwards volatility more than anything else… Read More
NASDAQ 100
The NASDAQ 100 rally during the day on Wednesday, breaking above the vinyl 5900 level. Because of this, the market looks likely to continue to go towards the 6000 handle. The market pulling back from here should find support near the 5900 level, an area that had previously been resistance, which is classic technical analysis. I believe that the market eventually should go to the 6000-handle based upon my longer-term analysis and I think that market will be very difficult to break above. Once we do clear that area, I think the people will hang on to the NASDAQ 100 for the longer-term move… Read More
This article was originally posted on FX Empire
