S&P 500 Price Forecast August 17, 2017, Technical Analysis

The S&P 500 rallied during the day on Wednesday, reaching towards the 2475 handle. That’s an area where we have seen resistance, and it makes sense that we pull back from there. The 2460 level underneath should offer support, and I think that the market is getting ready to make a move one way or the other. If we can break above the 2475 level, the market should continue to go much higher, perhaps reaching towards the 2490 handle. Alternately, the market breaking down below the 2460 level should send this market down to the 2450 handle. I expect volatility, but it seems to me that the buyers are willing to come back into the market when it falls. Because of this, we should see some type of resilience.

S&P 500 Video 17.8.17