S&P 500 Index Price Forecast November 27, 2017, Technical Analysis

The S&P 500 was relatively quiet during the trading session on Friday, as we had a shortened day on Wall Street. By breaking above the 2600 level though, it looks as if we are ready to go higher, and I think that short-term pullbacks will be nice buying opportunities for a market that has obviously been in an uptrend. By breaking above the 2600 level, we have cleared a bit of resistance, and I suspect that traders will continue to go long as we open on Monday. Longer-term, we will go to the 2650 level, and I think that the 2590 level underneath will be the bottom of significant support. With the US dollar falling in value, it’s likely that the S&P 500 will continue to go higher based upon the cheapness of US exports.

The 24-hour exponential moving average continues to offer significant support dynamically, every time we break above a, and technically speaking, it looks as if we are ready to go higher but we are likely needing to find value on those pullbacks. If we were to break down below the 2490 handle, I think that the market probably could go as low as 2580 next, but we should find even more support in that general region. In general, I am bullish of stock markets overall, as there seems to be a lot of algorithmic trading taken advantage of the bullish pressure that we have seen. Every time we dip, the buyers come rushing back, and quite frankly on Wall Street, it’s not uncommon to see the market open lower in the morning, and to find buyers later in the day. Until this pattern stops, I don’t see this market breaking down anytime soon. Buying continues to be the best way forward.

S&P 500 Video 27.11.17