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S&P 500 forecast for the week of August 31, 2015, Technical Analysis

By:
Christopher Lewis
Published: Aug 29, 2015, 06:56 UTC

The S&P 500 fell hard during the course of the week, testing the 1870 level. With this, the market found enough support to turn things back around and

S&P 500 forecast for the week of August 31, 2015, Technical Analysis

The S&P 500 fell hard during the course of the week, testing the 1870 level. With this, the market found enough support to turn things back around and form a massive hammer. Ultimately, this hammer sits just below the 2000 level, and as a result it looks as if the market is ready to continue going higher. A move above the 2000 level is a long-term buying opportunity, and should send this market to the 2130 handle. We have no interest in selling, and think that pullbacks would end up being nice buying opportunities.

 

sp500WEEK

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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