S&P 500 Price Forecast February 23, 2018, Technical Analysis

The S&P 500 broke higher towards the 2740 level during the day on Thursday, as it looks likely we are ready to go higher, perhaps reaching towards the 2750 level. I think eventually we will go higher, perhaps reaching towards the 2800 level, and then eventually the 3000 level. Ultimately, I like the idea of short-term pullbacks as an opportunity to pick up value. We been in an uptrend for some time, and I think that continues to be the same situation. A break above the 2750 level should send this market much higher, as traders continue to pick up value.

I believe that the market has a hard floor at the 2500 level that keeps the uptrend in time, so it’s not until we break down below there that I would be overly concerned with the trend itself. However, that’s not to say we won’t get the occasional pullback, but algorithmic traders continue to jump in and pick up this market. Ultimately, the markets continue to be very noisy, but at the end of the day that’s exactly what we are looking at, noise. Overall, the stock markets are still looking at positive momentum, and I think that the short-term traders will continue to jump in. Longer-term investors are going to struggle, and I think that days like today show just how hard it is going to be to break down the overall momentum. In general, I think that the action on Thursday is very encouraging.

S&P 500 Video 23.02.18