Major US Indices, Forecast for The Week of July 10, 2017, Technical Analysis

S&P 500 The S&P 500 had a choppy week, as we trying to break above the 2450 level but failed, only to fall towards the 2400 level and find more buyers. The jobs number was stronger than anticipated, so that should continue to give a bit of a boost to the market although there will … Continue reading Major US Indices, Forecast for The Week of July 10, 2017, Technical Analysis · FX Empire

Christopher Lewis

Updated Sun, Jul 9, 2017, 1:18 AM

S&P 500

The S&P 500 had a choppy week, as we trying to break above the 2450 level but failed, only to fall towards the 2400 level and find more buyers. The jobs number was stronger than anticipated, so that should continue to give a bit of a boost to the market although there will be fears about interest rates rising. Nonetheless, I do like the longer-term uptrend, and I believe that the resiliency shown on Friday should send this market to the upside overall. I think that the 2400 level offer support, and that the buyers will be interested as we approach that level. If we break above the 2450 handle, I think we then go looking for the 2500 level which has been my longer-term target for some time… Read More

Dow Jones 30

The Dow Jones 30 initially tried to rally during the week but found enough resistance near the 21,500 level to turn around and fall significantly. By the end of the week, we started to form a bit of a shooting star, but that was preceded by a hammer and then another shooting star. There is a significant amount of support near the 21,250 level, so I don’t think that selling is an easy thing to do. It would not surprise me to see a market pull back towards the 21,000 level, where I would expect to see a significant amount of support. Alternately, if we can break above the top of the shooting star from the week, that would be a buying opportunity as well… Read More

NASDAQ 100

The NASDAQ 100 has recently sold off, and even has broken below the bottom of an uptrend line. However, the weekly candle that we just formed was a hammer, and that of course is a very bullish sign. If we can break above the 5700 level, I think that the market continues to go the upside, as we consolidate in general, especially sideways over the last several weeks. If we can break above the 5900 level, then we can go test the 6000 level. The 5500-level underneath is massively supportive, and if we were to break down below that, I feel that the market would come unraveled and probably go looking towards the 5250 level after that… Read More

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