Major US Indices, Forecast for The Week of November 27, 2017, Technical Analysis

S&P 500

The S&P 500 initially dipped during the week, but then turned around to show significant bullish pressure, reaching the 2600 level. By doing so, it looks as if we are going to continue to go much higher, continuing the longer-term uptrend that we have seen for some time. The next target is 2625, and then eventually 2650. I believe the pullbacks continue to offer support at various levels, not to mention the 2550 level looking at a bit of a “floor” currently. If we were to break down below there, the market probably goes down to the 2600 level after that… Read More

Dow Jones 30

The Dow Jones 30 broke higher during the course of the week, reaching towards a fresh new high. Pullbacks should continue to offer value, and I believe that the 23,250 level should offer support. Longer-term, I believe that if we can stay above the 22,000 level, the market should continue to go higher and remain in a longer-term uptrend. I believe that given enough time, we should go to the 25,000 handle, as the money keeps flowing into this marketplace, and is very likely that algorithmic traders will be attracted to dips. With any luck, the market should reach 25,000 rather quickly, as although the Federal Reserve looks likely to raise interest rates, it’s likely that the market has already priced this in and is not concerned… Read More

NASDAQ 100

The NASDAQ 100 has broken out to a fresh, new high, and looks likely to continue to reach towards the upside. The 6400-level offered a bit of resistance at the end of the week, but it’s probably going to be just a matter of time before we break out to the upside and reach above it. Once we do, I think the next target is 6450, followed very quickly by 6500. The NASDAQ 100, of course, has to lead the way for some time and should continue to be a market that buyers get involved in on dips, as they present a significant amount of value. I believe that there is a massive amount of support for the 6000 handle as well… Read More