S&P 500 Price Forecast March 13, 2018, Technical Analysis

The S&P 500 has found the 2800 level to be far too resistive to allow the market to go higher, so by pulling back the way it has it makes sense that we have found a bit of buyers underneath. I think that given enough time, the market should then go to the 2800 level again. If we can break above there, the market should continue to go even higher, perhaps reaching towards the 2850 level. On the other hand, if we do break down from here I think that there is plenty of support underneath and given enough time I think that the buyers will return. There is a general “risk on” attitude around the world, and I think that we will continue to see a lot of volatility as value hunters will return. We have reached the bottom of the Bollinger Bands indicator on the hourly chart, and of course we have found quite a bit of buyers in that region.

S&P 500 Video 13.03.18

At this point, I don’t have any interest in shorting this market, I believe that continues to be the way going forward, and the pullback should offer value that momentum hunters could pay attention to, and perhaps try to push the move above the 2800 level again. If we can get above there, the market should continue to grind much higher, offering plenty of opportunities for “buy-and-hold” traders that aren’t over levered to take advantage of, as I believe the market is still destined to look for the 3000 handle.

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