Advertisement
Singapore markets closed
  • Straits Times Index

    3,224.01
    -27.70 (-0.85%)
     
  • Nikkei

    40,168.07
    -594.66 (-1.46%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Bitcoin USD

    70,655.35
    +1,731.81 (+2.51%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Gold

    2,240.40
    +27.70 (+1.25%)
     
  • Crude Oil

    83.04
    +1.69 (+2.08%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • FTSE Bursa Malaysia

    1,530.60
    -7.82 (-0.51%)
     
  • Jakarta Composite Index

    7,288.81
    -21.28 (-0.29%)
     
  • PSE Index

    6,903.53
    +5.36 (+0.08%)
     

Major US Indices Forecast, November 20, 2017, Technical Analysis

S&P 500

During quiet Friday trading, the S&P 500 hung about the 2580 handle, an area that has been important more than once. It’s obvious that if we can make a fresh, new high, the S&P 500 will probably go looking towards the 2600 level above, which should be rather resistive. The fact that we couldn’t go anywhere is not a huge surprise, I believe that most of the market participants are paying attention to the Congress in America and whether they can pass some type of tax bill. If we do get that, the market should continue to go higher, and eventually break out. In the meantime, we could pull back, perhaps reaching towards the 2550 handle underneath, which is longer-term support as well… Read More

Dow Jones 30

The Dow Jones 30 had a rough session on Friday, dropping down towards the 23,350 level. The market looks likely to see some support in this area, and on the stochastic oscillator, we have dropped enough to reach towards the oversold condition, and perhaps getting ready to cross over. That being the case, I think that buying is probably the best way to go in this general vicinity, but perhaps we may even drop further. The lower we go, the more likely it is going to offer us value that we can take advantage of. I believe that we are in a bit of a “holding pattern”, as we await the U.S. Congress to do its job… Read More

NASDAQ 100

The NASDAQ 100 drifted a bit lower but has been more resilient than the Dow Jones 30. Because of this, I think we need to see a little bit more bearish pressure, perhaps reaching towards the 6300-level underneath, which is an area that’s been important for both buyers and sellers recently. I believe that the market probably needs to drop down further though, and relatively soon. Quite frankly, even though we formed a hammer on the weekly chart I am a bit leery about buying at these extended levels. The market should react positively to a tax bill, and I think we are essentially waiting for that over here as well… Read More

ADVERTISEMENT

This article was originally posted on FX Empire

More From FXEMPIRE: