S&P 500 Price Forecast November 6, 2017, Technical Analysis

The S&P 500 went sideways initially during the day on Friday but then dipped towards the 2575 handle. That’s an area where we should see plenty of support, and a bounce from here sent this market towards the 2590 level. I believe that given enough time, the buyers will return every time we dip, and I also believe that eventually, we will try to break above the 2600 level. This is a market that continues to find plenty of buyers on pullbacks and should continue to be a scenario in which we find value below. I think that a break above the 2600 level should send this market to the upside, perhaps driving much higher. I recognize that the S&P 500 has been very bullish and of course, the earnings season has been decent, so I think we will continue to find reasons to go higher.

S&P 500 Video 06.11.17

Currently, I look at the 2575 level as support, and most certainly the 2550 level. Have no interest in shorting, I believe that there are several supportive barriers between now and a trend change, so this is a market that continues to attract a lot of attention. In general, I believe that the markets are going to continue to find plenty of interest, but you should also be aware that there could be significant volatility, because quite frankly longer-term we are overbought. The US dollar seems to be strengthening, and that could work against the value of stock markets, but I think any of that will be temporary, and more than likely we will find a reason to start buying yet again. Overall, the market is very difficult to short, even though I recognize it does need to pull back. Simply waiting for value or support is the only way I can trade.