Major US Indices Forecast, June 26, 2017, Technical Analysis
S&P 500
The S&P 500 had a volatile session on Friday, initially going sideways and then dipping down towards the 2430 handle. There’s enough support there to turn the market around though, and with the rebalancing of the Russell 2000, it makes sense that we saw this type of choppiness. I still believe in the uptrend, and I think that the market will go looking for the 2450 handle, and then eventually the 2500 level. The 2425 level underneath has offered significant support, and I believe that the bottom of the uptrend is somewhere closer to the 2400 level. S&P 500 traders continue to favor the upside in general, and I certainly have no interest whatsoever and trying to find that trend… Read More
Dow Jones 30
The Dow Jones 30 initially went sideways, but then broke down significantly below the 21,400 level. Ultimately, the market dropped down to the 21,325 handle, only to find buyers again. We bounced enough to form a bit of a hammer during the day, and it looks as if we are going to continue to go higher, perhaps reaching towards the 21,500 level. Ultimately, I believe that the market continues to give opportunity on dips. Choppiness will continue to be the case, but I think today had more to do with the rebalancing of the Russell 2000. I believe that the Dow Jones 30 as well as the rest of the United States indices should continue to be bullish overall… Read More
NASDAQ 100
The NASDAQ 100 did the same thing, going sideways initially, but then turning back around to reach to the upside and break above the 5800 level. A break above the top of the recent of move could send this market much higher, perhaps 5900 and then eventually 6000. I believe the pullbacks continue to be buying opportunities, as tech stocks are starting to come back into favor again. A short-term pullback is simply a buying opportunity, as it offers value. I believe the biotech stocks will continue to push higher, and ultimately that we will go hunting the aforementioned 6000 handle. A break above there is a major victory for the buyers and I think once that happens we will see a flood of new money come into the market… Read More
This article was originally posted on FX Empire
