S&P 500 Price Forecast January 29, 2018, Technical Analysis

The S&P 500 has rallied significantly during the day on Friday, reaching towards the 2870 handle. It seems as if the market is ready to go much higher, and the fact that we are starting to see a lot of buying towards the end of the day suggests that large funds are starting to pick up positions as well, and that of course bodes well for the longer-term uptrend. I do recognize that we have more than enough support underneath to keep this market afloat on pullbacks, and that would be a next the way to play this market, buying pullbacks. The market allows you to take advantage of what has been a very strong trend, and at this point I think it’s all but impossible to sell this market as the US dollar has been falling, and of course tax reform continues to let the markets.

Essentially, the market is looking for any reason he can to rally, so keep that in mind. Words out of the mouth of Donald Trump in Switzerland have also been a reason for the market to rally, or at least the excuse. Buying on the dips continues to be the way going forward, as short-term traders are willing to pick up these little dips. I recognize that we are getting a bit extended at this point, but certainly selling is going to be dangerous, if not completely reckless. I believe that the trend is clear, so simply waiting for excellent opportunities is your job at this point. Timing isn’t so much important as value is currently. 3000 is the target, we will get there rather soon.

S&P 500 Video 29.01.18