Yahoo Finance Major US Indices Forecast, October 19, 2017, Technical Analysis
S&P 500
The S&P 500 went sideways initially during the session on Wednesday, testing the 2555 handle. That level offer plenty of support, and it looks likely that the market rallying to the 2565 level was the first sign that the buyers are coming back, and now as I record this video, I recognize that the 2565 level above being broken to the upside should have more money flowing into this market. Nonetheless, the 24-hour exponential moving average has offered support as well, so I think it’s likely that we will continue to find buyers. The 24-hour exponential moving average is showing that the buyers are starting to pick up steam and that the 2550 level should now offer a bit of a floor… Read More
Dow Jones 30
The Dow Jones 30 continues to rally significantly during the day on Wednesday, reaching to fresh, new highs. The 23,000 level should now offer a significant floor in the market, and I believe that now that we have clear that level significantly, there is a significant amount of buying pressure just waiting to happen. I think that pullbacks are coming, but those should be value propositions that we can take advantage of as we are without a doubt overbought at this point. Nonetheless, selling is all but an impossibility, and looking for pullbacks that show signs of support will probably be the best way to trade this market going forward as there seems to be nothing that can stop the longer-term move… Read More
NASDAQ 100
The NASDAQ 100 is a little bit different, in the sense that it is a bit more subdued than the Dow Jones 30 is. We pulled back during the day, reaching towards the 6100-level underneath to find support. We have bounce from there, and it looks like we will continue to grind our way to the upside. The 6050-level underneath is the “floor” in the market, and the market continues to buy on dips. The 24-hour exponential moving average is turning out, and it seems to be a nice measuring stick for traders to get involved. The NASDAQ 100 has been a leader longer-term, but it seems like more money is flowing into industrials now than technology, perhaps trying to play catch-up… Read More
This article was originally posted on FX Empire
