Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.
toc-menu-hamburger.png
table of content

Table of Contents

toggle-toc.png

S&P 500 and Nasdaq Forecast - 4 September 2018

S&P 500

The S&P 500 futures markets rallied slightly during all electronic trading as the Americans were away for Labor Day. Overall, the markets are bullish, but we are a bit extended as well. I think that the 2900 level will continue to be a bit of a fulcrum for price, as it is a large, round, psychologically significant number. This is the market that should continue to go higher over the longer-term but be aware of the fact that you are probably better served looking at short-term pullbacks as buying opportunities. These buying opportunity should be taken in small positions, as the volatility certainly is a major problem. I think that the “floor” in the market is close to the 2850 handle though, so we could pulled back significantly before the value hunters come back. If we break to a fresh, new high, then of course I think we go looking towards the 2950 level.

SP 500

NASDAQ 100

The NASDAQ 100 futures market note also rallied during the day, as the underlying instrument was close. The market certainly looks bullish though, and the NASDAQ 100 has lead the way out of most of the indices that I follow. I think that short-term pullbacks are buying opportunities over here as well, and I believe that the 7500 level underneath is massive support. The alternate scenario of course is that we can break above the 7700 level, and if we do then I think the market could go looking towards the 8000 level over the longer-term. The 7500 level underneath is essentially what I considered to be the “floor” in the uptrend. It’s a nice grind higher, and I think that will continue to be the case going forward.

Nasdaq

Christopher Lewis
About 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.

Most Visited Forex Broker Reviews