S&P 500 Price Forecast August 16, 2017, Technical Analysis

The S&P 500 initially rallied on Tuesday, but pulled back to flatten out a bit. The question now is can we continue to go higher? I think if we break above the 2475 handle, the market is going to continue to grind its way to the upside. If we do pull back, I think that somewhere near the 2450 level we should see a significant amount of support. Because of this, I am a buyer overall but I need to see the market show signs of impulsivity to the upside, or support at the vinyl 2450 handle to get involved. Overall, I think that the market is perhaps a little overbought, and that’s part of what we are seeing, little bit of digestion.

S&P 500 Video 16.8.17