S&P 500 Price Forecast August 11, 2017, Technical Analysis

The S&P 500 fell significantly during the day on Thursday, breaking below the 2450 handle. However, we have seen time and time again that the buyers are willing to come in in this general vicinity, as the algorithmic traders continue to pick the market. Because of this, I believe that there will be a bounce, and therefore are not ready to start selling yet. After all, there is a significant amount of support underneath, and therefore it’s only a matter of time before the bounce occurs. Given enough time, I think that the market will reach towards the 2475 level again, and then possibly 2500.

Selling yet

If we did breakdown below the 2425 handle, at that point I am more than willing to start selling, and I believe that the market might actually break down significantly. In the meantime, I think these dips offer value, while the earnings season has been relatively decent. Given enough time, it’s a market that should continue to see value hunters jumping in, and that being the case it’s likely that these dips will be used by people to add to already sizable core holdings.

S&P 500 Video 11.8.17