S&P 500 Price Forecast March 1, 2018, Technical Analysis

The S&P 500 has gone sideways initially during the trading session on Wednesday, occasionally bouncing about during American trading. However, the market looks unlikely to move as I record this. I do think that the 2700 level underneath is massive support, as it has been so previously. If we were to break down below the 2700 level, that should be negative, perhaps reaching down towards the 2650 handle, and then possibly the 2600 level. Alternately, I think that if we rally from here, the 2800 level will be the first target, and of course resistive due to the large, round, psychologically significant barrier.

If we can break above the 2800 level, the market should continue to go towards the 2850 level, and then eventually the 2900 level. For the rest of the year, I believe that the buyers will be looking at these pullbacks as potential buying opportunities, although we may be quiet occasionally, such as we have been over the last several sessions. I believe that by the end of the year, we will probably go looking towards the 3000 handle above, which is going to be far too juicy of a target for people to ignore. There are plenty of pundits out there that expect 3000 as well, so in a sense it could become a bit of a self-fulfilling prophecy.

It’s not until we break down below the 2500 level that I would anticipate that the uptrend was over and would continue to go even lower. If we broke down below that level, I would become aggressively short. Until then, I am “long only.”

S&P 500 Video 01.03.18