S&P 500 Forecast August 17, 2015, Technical Analysis

The S&P 500 rose slightly during the course of the session on Friday, as we continue to find support below. We believe that the hammer that formed on Wednesday in all US indices suggests that we are going to go higher in the United States. We are buyers of this market as we should continue to go higher, perhaps heading towards the 2100 level next, and then eventually the 2130 level. It is at the end of the summer that we find lack of volume, so having said that we feel it might take quite a bit of patience to hang onto a long position. Nonetheless, we have no interest in selling.