S&P 500 Price Forecast September 21, 2017, Technical Analysis

During the session on Wednesday, the market went sideways as we awaited the Federal Reserve announcement. However, we have seen a significant move lower, cracking below the 2500 level as I record this video. Ultimately, I think that the market will continue the overall uptrend that we have seen, and that the Federal Reserve is on track to do exactly what they said a few months ago. This may take some of the so-called “hot money” out of the market, but ultimately, I do believe that the buyers return. I’m waiting to see some type of supportive candle that I can take advantage of, but I don’t have that yet. If we can close above the 2500 level, that has to be considered a victory by the bullish.

Longer-term, I believe we go much higher, and quite frankly the Federal Reserve didn’t surprise too much. While we have seen a significant selloff in reaction immediately, at the end of the day, we are not much lower than we were at the beginning of the day. If the market was truly surprised by this announcement, we would’ve broken down much more significantly. There seems to be a massive amount of support just below the 2500 level, and I think that will continue to be the case going forward. I am still bullish, but we may need to let things cool off for a few hours, or maybe even a day before putting money back to work. The market has been very bullish as of late, and I think that it is simply looking for a reason to go long yet again. Given enough time, I think they will convince themselves to start buying and I don’t think it will take that long.

S&P 500 Video 21.9.17