S&P 500 Price Forecast February 2017, Technical Analysis

The S&P 500 has rally again on Monday, reaching above the 2765 level. I believe that there is support underneath, and the Bollinger Bands indicator has turned very positive, with the 20 SMA offering a significant amount of support. I think that the 2800 level will be targeted just above, which is an area that should offer a bit of psychological resistance. I believe the pullbacks should be buying opportunities, and that the 2750 level should be short-term support. Ultimately, if we break down below that level the market will go looking towards the 2725 level after that. I believe that the S&P 500 will continue to strengthen, because quite frankly we had formed a massive hammer on the weekly chart from the previous week, showing signs of value hunting yet again.

I believe that this market will eventually target the 3000 level. That is my target longer-term, reaching towards and by the end of the year, offering plenty of real estate to take advantage of. I believe every time we pull back, there will be plenty of value to be had in this market. I think that algorithmic traders continue to get involved every time we dip about 1%, if history has anything to say about that. I believe that the market continues to be influenced by the algorithms that are clearly and positive mode. I think that the overall uptrend will continue to be supported at various levels below, with the most significant one in the near-term being the 2700 level.

S&P 500 Video 27.02.18