S&P 500 Index Price Forecast July 12, 2017, Technical Analysis

The S&P 500 it was very volatile during the day on Tuesday, as Donald Trump Junior emails were released that spooked the market. Ultimately though, looks as if the market wasn’t ready to go anywhere, as we ended up trading in the range after all. The volatility of course will have scared a lot of people out of the market, but you can see that we turned right back around and captured those losses. The market looks likely to continue to be range bound between now and when Janet Yellen speaks in front of Congress, which will have a massive effect on the US dollar overall. That should be the next market moving event, and depending on how the US dollar moves, that could affect the S&P 500 as well.

Earnings season

We are also in earning season, so obviously headlines can move the markets quite a bit as well. Right now, looks like the markets very comfortable around the 2425 handle, and that makes quite a bit of sense as the 2400 level below looks to be massive support, and the 2550 level above seems to be massive resistance. In other words, we are currently trading around “fair value.” Until we get some type of economic announcement or perhaps talk coming out of the Federal Reserve to change the entire situation, I think that the markets are going to be a bit stagnant, and therefore will probably continue to be in this general vicinity.

S&P 500 Video 12.7.17