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S&P 500 forecast for the week of January 23, 2017, Technical Analysis

By:
Christopher Lewis
Updated: Jan 21, 2017, 07:47 UTC

The S&P 500 initially fell during the week, but turned around to form a hammer. A hammer of course is a bullish sign and thus I think that we will

S & P 500 weekly chart, January 23, 2016

The S&P 500 initially fell during the week, but turned around to form a hammer. A hammer of course is a bullish sign and thus I think that we will eventually continue to go higher. If we can break above the top of a hammer, I think that the market will reach towards the 2300 level, and further than that. Pullbacks continue to offer buying opportunities, in a market that I believe will continue to show US strength in the stock markets. Selling isn’t even a thought at this point.

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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