S&P 500 Price Forecast – S&P 500 nose dives on Friday

The S&P 500 has a significant amount of support at the 2800 level, and I think at this point it’s only a matter of time before the buyers  attack that level. Even if we break down below there, there is a bit of a “zone” extending down to the 2790 handle. I am waiting for signs of stability and a bounce to start putting money into this market. Earnings have been pretty good, and I think that this is a “one-off” as Intel had missed on its earnings. This is brought down technology stocks, which has a bit of a “knock on effect” in this market. However, I do believe that longer-term we still have plenty of money underneath to push this market higher.

Even if we break down below the 2790 handle, I think there is plenty of support down at the 2740 level as well. With this in mind, I am waiting for an opportunity to pick up the S&P 500 “on the cheap”, so having said that it’s likely that the best trade for now is to simply sit on the sidelines to await a better opportunity. I have no interest in shorting this market, we are far too bullish longer-term to start fighting that type of attitude. There is no set up to the downside from what I can tell. This is the type of market you simply have to wait out.

S&P 500 Video 30.07.18