Major US Indices Forecast, June 29, 2017, Technical Analysis
S&P 500
The S&P 500 started out the day rather choppy, but then shot straight through the ceiling as we broke above the 2425 handle. This is a very bullish sign, and it looks as if the S&P 500 is trying to recover a lot of the losses that we have had in the last couple of days. I believe that the 2450 handle above is a barrier that might be difficult to get above, but eventually I think that the buyers will jump in and push above there. Once we do, the market then goes to the 7500 level after that which is a large, round, psychologically significant number… Read More
Dow Jones 30
The Dow Jones 30 had a choppy session initially during the day on Wednesday, but then broke above the 21,400 level. Because of this, I think that the market is ready to go higher, and short-term pullback should continue to be buying opportunities. This impulsive move should send the market looking for the 21,500-level given enough time, and I think that a “buy on the dips” type of mentality is probably the best way to play this market. Alternately, if we were to make a fresh, new low that would be extraordinarily bearish as we have seen such an impulsive move during the day to go to the upside… Read More
NASDAQ 100
The NASDAQ 100 was choppy as well, but then eventually broke above the 5700 level, a key resistance barrier. The fact that we cleared that area suggests that the buyers are starting to take over again, so we can break above the top of the range for the day, I feel that the market should then go to the 5825 level. Ultimately, the market will then continue to go even higher, and quite frankly this was a day that the NASDAQ 100 absolutely had to hold to keep the long-term uptrend intact. It looks as if the NASDAQ 100 has found a second life. With this in mind, I’m looking for buying opportunities and will continue to push higher… Read More
This article was originally posted on FX Empire