S&P 500 forecast for the week of August 17, 2015, Technical Analysis

The S&P 500 went back and forth during the course of the week, but the most important thing is that we found quite a bit of support below in order to keep this market higher. The 2050 level below seems to be massively supportive, and we are most certainly in an uptrend. This time year doesn’t conduce itself to massive moves higher though, so at this point in time we recognize that the simple grind sideways makes sense as we are trying to build up enough momentum to pushes market much higher.