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S&P 500 and NASDAQ 100 Forecast - 9 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 as you can see on the daily chart has pulled back slightly during the trading session on Tuesday, as the market was a bit concerned about Donald Trump pulling out of the Iranian deal, but technically speaking, we are still within consolidation. If we can break above the downtrend line, I believe that we will continue to go higher. The market has been in a bit of a wedge as of late, so if we can break above the 2675 handle, the market then goes to the 2700 level. In the meantime, I think that short-term pullbacks are buying opportunities, if we can stay above the uptrend line. I believe that the 2600 level is essentially the “floor” in the market at this point. If we break down below that level, I think the market unwinds rather rapidly. Otherwise, I think that eventually the buyers could return.

SP500

NASDAQ 100

The NASDAQ 100 pulled back a bit during the session on Tuesday, as we may have gotten a bit overextended. The 6700 level was previous resistance and should now be support. If we can break above the 6850 level, the market could go to the 7000 handle. I think that the market will continue to find buyers on dips, if we can stay above the $6500 level underneath. The uptrend line that goes underneath that level should continue to offer support, but if it doesn’t offer support on a test, then I think this market unwinds rather drastically. I have a target of 7000 in the short term, and perhaps even the 7200 level after that. I believe that we are going to grind higher, not necessarily explode to the upside.

nasdaq100

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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