Major US Indices Forecast, July 31, 2017, Technical Analysis

S&P 500 The S&P 500 had a very choppy session on Friday, dropping down to the lows from the Thursday session, and then bouncing around. The market looks to be very volatile and quite frankly susceptible to bearish pressure, so I think that if we can break down below the 2460 handle, the market probably … Continue reading Major US Indices Forecast, July 31, 2017, Technical Analysis · FX Empire

Christopher Lewis

Updated Sun, Jul 30, 2017, 1:57 AM

S&P 500

The S&P 500 had a very choppy session on Friday, dropping down to the lows from the Thursday session, and then bouncing around. The market looks to be very volatile and quite frankly susceptible to bearish pressure, so I think that if we can break down below the 2460 handle, the market probably goes down to the 2450 level. Alternately, we could bounce from here and I think that any type of stabilization by the end of the session on Friday will be looked at as a minor victory. I believe in the longer-term uptrend, so even if we fall from here, it’s very likely that we will find buyers given enough time. The Federal Reserve looks to be very dovish at this point, and I believe that it should continue to be so. The markets showing volatility is a good sign as it shows more participants are starting to express their opinion… Read More

Dow Jones 30

The Dow Jones 30 initially fell during the day on Friday, but found a bit of support at the 21,750 level. It looks as if the market is ready to continue going higher, but we may have a bit of grinding to do. Overall, we have been in a bullish trend, and of course the US stock markets continue to benefit due to the dovish Federal Reserve. I believe that the earnings season has gone well, so that should continue to put upward pressure in this market as well. Pullbacks offer buying opportunities as the Dow Jones 30 continues to grind to the upside overall. Selling isn’t a thought, and I believe that we will be reaching towards the 22,000 level relatively soon… Read More

NASDAQ 100

The NASDAQ 100 initially fell during the day but recovered all of the losses, as we went back towards the 5900 level. This is a relatively bullish sign, and therefore I believe that the buyers are coming back to push this market to the upside. The losses during the session on Thursday were rather significant, but when looked at in the spectrum of the longer-term trend, they don’t really matter. Because of this, I believe it’s only a matter of time before the buyers get involved, and it’s likely that we will reach towards the 6000 level yet again. It won’t necessarily be easy, and there should be a significant amount of resistance… Read More

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