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

The S&P 500 rallied during the day on Monday, breaking to a fresh, new high, something that we had seen in the various indices around the world. This is especially true in America, which seems to be leading the way again, with the Senate looking likely to vote to in the government shutdown, and of course the US dollar falling over the longer term. That helps benefit the companies in the S&P 500, and of course the stock market overall. I believe that the market will follow the rest of the indices in America, simply offering opportunities to buy on dips. I think that the 2780 level now is offering a “floor” in this market, as the area has previously been tested for support.

I believe that the market will continue to be bullish in general, and it could of course be rather choppy. It’s not until we break down below that area that I listed as a floor that I would be concerned, but even then, I think there’s more than enough support underneath. Ultimately, this is a market that I think should continue to be one that is noisy but offers plenty of opportunity. I believe that there will be massive profit-taking near the 3000 handle.

S&P 500 Video 23.01.18