Major US Indices, Forecast for The Week of October 2, 2017, Technical Analysis
S&P 500
The S&P 500 had a relatively quiet week, initially falling but then finding enough support to turn around and form a bit of a hammer. The one thing that I do notice is that it seems that the 2500 level is going to offer support, that’s a very bullish sign for buyers. I believe that this remains a “buy on the dips” situation, as traders find reasons to go along. I think that algorithmic trading has a lot to do with that as well, and you can’t find machines when acting like this. I believe that the 2490 level underneath is massive support, which is now substantively the bottom of a hammer… Read More
Dow Jones 30
The Dow Jones 30 initially fell during the week to turn around and form a hammer. This is a very bullish sign of the top of a very bullish run. I think that it only matters time before the market breaks out to the upside is looking towards the 22,500 level. Look at dips as buying opportunities in a market it’s offered value all along the way. Algorithmic traders are obviously involved in this market as well, as we can’t even get a 1% dip. Ultimately, I think that the market probably goes looking towards the 23,000 level and that the 21,800 level should offer a bit of a floor going forward… Read More
NASDAQ 100
The NASDAQ 100 initially fell during the week but has turned around and formed a nice-looking hammer as well. We are sitting just below the 6000 level, which has caused a bit of resistance. If we can break above there, the market should go much higher, extending gains far beyond recent levels. I think that the overall ascending triangle that has been forming over the last couple of months is getting ready to be triggered, and once it does, we should see a move towards 6200. Selling is all but impossible, at least not until we break down below the 5800 level, something the looks very unlikely after this week to happen anytime soon… Read More
This article was originally posted on FX Empire