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S&P 500 and NASDAQ 100 Forecast - 22 May 2018

By Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

S&P 500

The S&P 500 rallied significantly during the trading session on Monday, reaching towards the recent highs again. If we can break above the 2750 level, market is ready to go much higher. I believe the 2700 should offer support, and that short-term dips should continue to be buying opportunities. With the United States and China cooling-off the rumblings of a trade war, there is a good sign that the stock market could go much higher. I think that if we break down below the 2700 level, then will go looking towards the 2650 level which is the scene of the previous downtrend line. Longer-term, I think that we will more than likely reach towards 2800 above, but it might take a bit of doing to get there. Longer-term, I still believe that we are going to go looking towards the 3000 handle, but it’s going to take a long time to get there.

SP 500

NASDAQ 100

The NASDAQ 100 initially tried to rally during most of the session on Monday but turned around to form a shooting star. The shooting star of course is a negative sign, and if we can break down below the bottom of the shooting star, it’s likely that the market will reach towards the 6800 level. I think that the market of course could break down below there, but I think it will find even more support at the 6700 level. Otherwise, if we can break above the top of the shooting star we would make a significant attempt to break above the 7000 handle, an area that is very important indeed as we have seen a major amount of resistance in that region. I don’t have any interest in shorting this market, I think at best we are looking at a pullback that will offer value.

Nasdaq

Christopher Lewis
About Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
 

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