S&P 500 Price Forecast – S&P 500 continues to find support

S&P 500 traders continue to pick this market up off of the floor every time it falls, and of course Wednesday wasn’t any different. We fell to the 2850 level before finding and of value hunters come back in and rally towards the 2860 level by the time the Europeans went home. Because of this, the market looks likely to continue to be one that you can buy on dips, for short-term moves. I see a significant amount of support at the 2850 level now, as well as 2800.

Earnings season has been relatively good for US stocks, and I think at this point it’s obvious that the market is gunning for the highs again near the 2880 handle. If we can break there, then the market goes looking towards the 2900 level, followed by the 3000 level. I have no interest in shorting this market, at least not until we break down below 2800, so it’s not a matter of selling, and simply a matter of finding value on these dips. That’s been the mantra as of late: buying the dips. There are a multitude of things to pay attention to, but at this point the easiest way to trade this market is to simply look at the chart and follow what everybody else has been doing. Yes, the greenback has strengthened. Yes, oil demand is dropping. However, that doesn’t seem to shake this market so at this point you need to follow the momentum when it appears.

S&P 500 Video 09.08.18