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 100 Forecast - 24 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 initially fell during the day on Wednesday, reaching towards the 2700 level before bouncing significantly to form a massive hammer. This tells me that the market is ready to continue going higher, and that we will eventually break above the 2740 level, sending the market towards the 2800 level after that. I believe that short-term pullbacks continue to offer buying opportunities, as the 2700 level has started to act as a major “floor” in the market. I believe that a lot of the negativity was due to statements made by Donald Trump about the potential of talks between the Americans and the Chinese, and that of course the Americans and the North Koreans, but that is conjecture and simply a negotiation tactic that people are reacting to. I think people came in to pick up value, and not only that traders may have reacted to a less bullish minutes coming out of the Fed than anticipated.

SP 500

NASDAQ 100

The NASDAQ 100 initially fell during the trading session on Wednesday but found enough support above the 6800 level to turn things around and then rally significantly towards the 6950 level. We have formed a massive hammer, and it looks as if we are going to go looking towards the 7000-level bone, which has been significant resistance more than once. If we can clear the 7000 handle, the market then goes looking towards the 7200 level again, and perhaps beyond. I look at short-term pullbacks as buying opportunities as a market has certainly shown a proclivity to recover every time we pull back, and of course US stock market should outperform many of the other stock markets around the world as the US economy is stronger than most others.

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.
 

Most Visited Forex Broker Reviews