S&P 500 Price Forecast March 14, 2018, Technical Analysis

The S&P 500 initially rallied towards the 2800 level during trading on Tuesday, but rolled over rather rapidly, perhaps in reaction to the announcement that the Secretary of State had been fired, perhaps due to moves in the currency markets, or perhaps due to a combination of both. Currently, it looks as if the market is still very much in an uptrend, and I believe that we are probably going to consolidate in this general vicinity, perhaps trying to build up enough momentum to finally go higher again. If we were to break down below the hammer on the hourly chart that I have in front of you, I think the market probably goes down to the 2750 handle.

S&P 500 Video 14.03.18

Otherwise, I think we will bounce around between 2770 and 2800, with a move above 2800 sending this market much higher. At that point, I would anticipate that we would go looking towards 2850, and then perhaps 2900. Expect a lot of noise in this market, but overall, I think we still have a significant amount of buying pressure underneath, and quite frankly most of the attitude on Wall Street is that equities are still going to go higher, regardless of valuation.

It’s not until we break down below 2700 that I would be concerned about the uptrend, because it has been so resilient. As I record this, the Americans are presently sitting with an almost unchanged market, which is quite remarkable considering how violent the selloff was early in the US session.

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