S&P 500 Price Forecast November 24, 2017, Technical Analysis

The S&P 500 has gone sideways initially during the day on Thursday, dipping a bit, and then reach towards the 2600 level. However, the underlying index isn’t trading as the Americans are away for Thanksgiving Day holiday. Because of this, I don’t read too much into the movement, but if we can break above the 2600 level, that’s a sign that we are going higher. The CFD markets will be on their own today, at least during most of the trading session. There is a shortened electronic session for the S&P 500, but the liquidity is going to be thin enough that I believe we should probably step on the sidelines and wait for volume to come back. On pullbacks, I suspect that there is a certain amount of support at the 2590 handle, and even more so at the 2580 level.

Alternately, if we break above the 2600 level, we should go to the 2625 handle longer term. It will take a while to get there, and it should be a “buy on the dips” situation coming. Ultimately, I believe that the market will be volatile yet bullish, as we have seen so much buying pressure as of late. The market looks likely to favor the upside, so dips do offer the value that I’m looking for. The markets should continue to benefit from algorithmic trading as well, as we have seen so much in the way of buying pressure when markets roll over. I think that’s going to continue to be the case, and the choppy conditions could be satiated a bit by using the Stochastic Oscillator to inform us of oversold conditions. I don’t have any interest in selling, as there are multiple support levels underneath that could come into play.

S&P 500 Video 24.11.17