S&P 500 Price Forecast August 15, 2017, Technical Analysis

The S&P 500 gapped higher at the open on Monday and then shot through the 2450 level. The market looks likely to have a slight pull back, but I suspect that the buyers will probably return somewhere near the 2450 level. We have bounced from a major uptrend line on the weekly chart, and it now looks as if the uptrend could continue. Obviously, a pullback should give us an opportunity to pick up value in what looks to be a very strong move. Given enough time, the market should then reach towards the 2475 handle, and then possibly towards the 2500 level. Alternately, if we break down below the uptrend line on the weekly chart, that would be catastrophic and therefore have the sellers coming in and starting to press this market significantly. Until then, I believe that the buyers are still very bullish overall.

S&P 500 Video 15.8.17