Major US Indices, Forecast for The Week of July 24, 2017, Technical Analysis

Christopher Lewis
Updated
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S&P 500

The S&P 500 initially fell during the week but found enough support of the 2450 level to turn around and bounce higher. The fact that we have done this suggests to me that we are going to continue to go higher, perhaps reaching towards the 2500 level above. I have no interest in shorting this market, because I see a significant amount of support below and extending all the way down to at least the 2400 level. This market has been in an uptrend for some time, and I think will continue to be as people are starting to come to terms with the fact that the Federal Reserve may be a bit more dovish longer-term than originally thought. This of course is good for stocks, and has the market looking for the 2500 level above. The market will be targeting that level, which is a large, round, psychologically significant level… Read More

Dow Jones 30

The Dow Jones 30 initially fell during the week but found enough support underneath the 21,500 level to bounce and form a bit of a hammer. I believe that the market will continue to go higher, as stock markets continue to benefit from a weaker US dollar. Ultimately, I believe that this is a buy on the dips type of situation, and that the 21,250-level underneath should offer significant support. I don’t have any interest in selling, I believe that there will continue to be buyers over the longer term as the weakening US dollar should continue to help US stocks overall, and of course the Dow Jones 30 will be any different… Read More

NASDAQ 100

The NASDAQ 100 rally during the week, slicing through the 5900 level. The fact that we broke above there suggests that we are going to go higher, perhaps reaching towards the 6000 level. I like pullbacks as buying opportunities, as this market continues to show bullish pressure and we have of course broken above significant resistance. Given enough time, I believe that we break above the 6000 level, and perhaps even higher than that. I believe that the 5700-level underneath will act as a “floor” in the market, and therefore have no interest whatsoever in shorting this market. The NASDAQ 100 lead the other US stock indices higher in the past, and I believe it will continue to do so in the future… Read More

This article was originally posted on FX Empire

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