Major US Indices, Forecast for The Week of August 21, 2017, Technical Analysis

Christopher Lewis
Updated
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S&P 500

The S&P 500 initially tried to rally, but found enough resistance at the 2475 level to turn around and form a massive shooting star. The market fell as low as 2420 or so, so it looks very bearish to me. The 2400 level underneath is massive support, so if we were to break down below that level I think things could get rather ugly. Alternately, if we break above the top of the shooting star, then the market will probably make a move towards the 2500 level. Either way, it’s going to be a very choppy week, so keep that in mind. Small positions will probably be the best way to go going forward… Read More

Dow Jones 30

The Dow Jones 30 had a volatile week, as we broke above the 22,000 level, but then turned around to form a somewhat neutral candle. This is a market that needs to pull back to pick up a little bit of bullish pressure, perhaps near the 21,500 level. If we can break above the top of the range for the week, the market should be willing to go even higher. However, we are bit over exerted… Read More

NASDAQ 100

The NASDAQ 100 also was very choppy, as the 5900 level above offered far too much in the way of resistance. However, it looks as if we are starting to find some interest in the market, so I think we could go higher, and a break above the top of the candle should finally free this market to go towards the 6000 handle. If we do break down below the 5700 level, the market will probably go to the 5500-level next… Read More

This article was originally posted on FX Empire

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