S&P 500 Price Forecast February 21, 2018, Technical Analysis

The S&P 500 has drifted a bit lower initially during the day on Tuesday, but then turned around to show signs of strength again. I believe that the 2700 level below is going to offer a bit of a “floor” going forward, and I think that the 2750 level above is offering resistance. If we see resistance there, I think we could get a short-term pullback to start buying again. If we can break above the 2750 level, then the market is free to go much higher, especially if we clear the 2760 level which I think is the top of that resistance barrier. The 2840 level above is a target initially, and then eventually I think we should go to the 3000 level, which is my longer-term target. In the meantime, expect a lot of noise but when we pull back I think value hunters will continue to look at it as a potential opportunity to pick up US stocks “on the cheap.”

There is a lot of noise in this market, but quite frankly we been in an uptrend for a long time, and I believe that the “smart money” is looking to get involved and continue to pick up the US stock market as it has offered value. The S&P 500 will of course have its occasional hiccup, but I believe that given enough time we should see longer-term traders coming in and picking up stocks again. I believe that the floor of the overall trend is below the 2500 level, far below current trading levels.

S&P 500 Video 21.02.18