S&P 500 Forecast for the Week of August 14, 2017, Technical Analysis

The S&P 500 initially tried to rally during the week but then fell rather significantly. A lot of this nonsense is due to the noise coming out of the United States and North Korea, and quite frankly I think it’s only a matter of time before the buyers come back in due to the value that markets offer on this pullback. Quite frankly, this is a market that continues to find plenty of reasons to rally, and I believe that the 2400 level below should offer a nice floor. It’s not until we break down below there that I would consider selling. I look at these dips as nice buying opportunities in a market that is continuing to show signs of strength every time we pull back.