Major US Indices Forecast, July 4, 2017, Technical Analysis
S&P 500
The S&P 500 rallied during Monday as traders come back into play and look at strong earnings coming out of the S&P 500 overall. That being the case, I think that pullbacks will be buying opportunities but obviously today we won’t have the markets open as it is Independent Day and the United States. I believe that the 2425 level underneath should offer support, and of course the 2400 level as well. I think the given enough time the market then goes to the 2450 handle above which is massively resistive. Once we break above there, the market should then go towards the 2500 level… Read More
Dow Jones 30
The Dow Jones 30 of course will be closed, at least the underlying index will be. Ultimately, I like the idea of the 21,500-level offering support that we can continue to go higher. I think that the buyers will come back into the markets on Wednesday, but pullback should offer buying opportunities. I have no interest in shorting this market, but obviously won’t be doing anything today… Read More
NASDAQ 100
Monday was relatively brutal as the Americans came back to work, but I think at this point we need to have the 5600-level hold. If it does not, the market is almost certainly going to go down to the 5500 level. A bounce from here could send this market to the 5700 level above. Ultimately, this is a market that will continue to be choppy, and Wednesday will be vital… Read More
This article was originally posted on FX Empire