S&P 500 and NASDAQ 100 Forecast - 26 April 2017

S&P 500

The S&P 500 rallied during the day on Tuesday, as we continue to see buying in the market. I believe that the gap below will continue to offer quite a bit of support, and that the 2400 level could offer enough resistance to turn the market around and have a go looking for that. Nonetheless, that would only be a buying opportunity underneath on signs of support as far as I can see. If we broke above the 2400 level, then I think the market goes to the 2500 level. The way, I have no interest in selling this market it has been very strong for quite some time.

SP500

NASDAQ 100

If the S&P 500 is bullish, the NASDAQ 100 is explosive. We broke above the 5500 level, and now looks set to continue the longer-term uptrend. I think pullbacks at this point offer value that you can and should take advantage of. I believe that the gap near the 5450 level should offer support, and be the “floor” in the market. Ultimately, I believe that some type of supportive candle will present itself that we can take advantage of, perhaps near the 20-day exponential moving average, pictured in green, or the 50-day exponential moving average pictured in red. Either way, I have no scenario in which a willing to sell and I believe that the NASDAQ 100 will continue to lead other indices much higher. In fact, the NASDAQ 100 is a bit of a harbinger for other indices, and as long as it is strong, stock markets in general should be also.

I believe that the 5400 level is essentially the “floor” in this market now, as the 5300 level had been previously. Ultimately, I’m looking for a “buy on the dips” type of situation that I can get involved in.

NASDAQ 100

Christopher Lewis

Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.