S&P 500 Price Forecast August 4, 2017, Technical Analysis

The S&P 500 continues to see quite a bit of volatility as Thursday was no different. However, with the jobs number coming out today and make sense of the market was essentially going to grind back and forth as traders close out positions ahead of the very risky event. I think it’s pretty straightforward, if the jobs number comes out strong, that should have the S&P 500 rallying. The estimate is roughly 175,000 jobs, so a number above 200,000 jobs would have this market reaching much higher as it would signal that we should see continued earnings for most companies.

Buying pullbacks

I believe that buying pullbacks is probably the best way to go, so if we fall from here I’ll be looking for some type of buying opportunity closer to the 2460 handle. This is because the Federal Reserve will probably prop the market up through lower interest rates if the jobs market falls apart. However, I think we are starting to see stability in the employment situation in America, so quite frankly it’s likely that we will continue to see buyers.

S&P 500 Video 04.8.17