S&P 500 and NASDAQ 100 Forecast - 19 July 2018

S&P 500

The S&P 500 rallied slightly during the trading session on Wednesday after initially pulling back. The 2800 level looks to be strong demand, and I think that we could eventually see a break out to the upside. However, back during February there was a major amount of supply in this market just above, so I think that the area between here in 2840 is very dicey. If we were to break above 2840, then I feel that the market is more than likely ready to continue going higher. In the short term though, I suspect that we have a pullback, and, perhaps offering value in a very strong uptrend. Longer-term, I still think that we could go as high as 3000, but it is going to take some time to get there. Beyond that, there are of course is a lot of fear around the world.

SP 500

NASDAQ 100

The NASDAQ 100 was slightly negative during the day, pulling back from the 7400 level. That’s an area that of course has a certain amount of psychological importance to it, mainly because it is a large, round, psychologically significant figure. I think that short-term pullbacks should be buying opportunities, as the 7200 level underneath should offer a bit of a “floor” in the market.

I think that the NASDAQ 100 will continue to lead the markets higher over the longer-term, and I do believe that we go to the 7500 level over the longer-term. It will take a while to get there, but I believe that it is far too juicy of a target for longer-term traders to completely ignore. However, we may be a little bit overextended in the short term, so it’s possible that we give you an opportunity to buy the NASDAQ 100 at a lower level.

Nasdaq

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.