Major US Indices Forecast, October 25, 2017, Technical Analysis

S&P 500

The S&P 500 rallied a bit during the day on Tuesday, as we got back some of the losses from the previous session. However, I think the most important thing to pay attention to on this chart is the 2563 level. That level should act as support, but if it doesn’t, the market could find itself going down to the 2560 handle, and then the 2550 level. We are in the middle of earnings season, so it’s likely that we will continue to see a lot of volatility. Longer-term, I fully anticipate seeing this market go to much higher levels, but we have gotten a bit overdone as of late, and that invites pullbacks… Read More

Dow Jones 30

The Dow Jones 30 rallied slightly during the day on Tuesday but then exploded to the upside as Caterpillar had better than anticipated earnings, being a catalyst for more bullish pressure in the market. I believe that short-term pullbacks continue to be buying opportunities, and quite frankly the market looks all but set on going to the 23,500 level above. I believe that we should continue to see support near the 23,250 level, as the market has been continuing to find one reason after another to go higher… Read More

NASDAQ 100

The NASDAQ 100 went sideways initially during the day but eventually found buyers. It looks as if the 6050 level is going to continue to be massively supportive, and although the NASDAQ 100 is no longer leading the rest of the US indices higher, it certainly is in a market that I want to be shorting as US stocks, in general, have done well. A breakdown below the 6050 level only has this market looking for support at the 6000 level, so therefore this is a market that continues to offer value. Given enough time, I think we break above the 6125 level and reach out to fresh, new highs… Read More