S&P 500 Price Forecast July 13, 2017, Technical Analysis

The S&P 500 initially went sideways during the trading session on Wednesday, but then shot much higher as Janet Yellen began her testimony in front of Congress. That being the case, the market looks as if it likes the idea of interest rate hikes being slower than originally anticipated, and that the supercharge in the stock markets overall. The 2450 level above is resistive, so we could get a little bit of a pullback but I think that the S&P 500 is going to try to continue to go higher, especially considering that so far earning season seems to be reasonable. Once we break above the 2450 handle, I think that the next move is to the 2500 level above which should be massively resistive.

Buying pullbacks

I continue to buy pullbacks in this market, and I believe that the 2425 level underneath would be the “floor” in the market. I have no interest in shorting this market, I think it’s only a matter of time before the buyers return as we continue to see an accommodated Federal Reserve. Once we break to the upside and reach towards the 2500 level, I expect to see a massive amount of resistance. Once we break above that though, the markets free to go much higher over the longer term. Buying dips continue to be the best way to get involved, and I think that the volatility will continue, but ultimately, I think that the buyers are very aggressive as we continue to see a mentality of massive support underneath and therefore it’s not until we break down below the 2400 level that I consider the uptrend remotely broken. That looks very unlikely, so I just had the wait for value to get involved in a market that should continue to reward value players.

S&P 500 Video 13.7.17