S&P 500 Price Forecast March 2, 2018, Technical Analysis

The S&P 500 is consolidating just above the 2700 level, an area that I think is very important. I think that if we break down below the 2680 handle, the market is free to go down to the 2650 level, and then eventually the 2600 level. I think that if the market breaks above the 2725 level, the market can continue to go higher, perhaps reaching towards the highs again near the 2800 level. Longer-term, I believe that the market should go looking towards the 3000 handle which is where I expect this market to reach towards the end of the year. I believe that there is a massive amount of support down to the 2500 level, and that is the bottom of the overall uptrend.

If we were to break down below 2500, then I would be more than willing to start shorting this market aggressively. The current reaction to Jerome Powell and his testimony in front of Congress is super sensitivity to interest rates more than anything else. I believe that this is a short-term phenomenon, and if we can break above the 2725 handle, the market will start to reach much higher. I expect that to happen, but even if we break down I’m simply going to sit on the sidelines and wait for some type of supportive bounce to take advantage of, as I believe the longer-term uptrend should continue as economic numbers are strong in America.

S&P 500 Video 02.03.18