S&P 500 Price Forecast – S&P 500 traders express signs of bullish behavior again

The S&P 500 has rallied a bit during the trading session on Wednesday, wiping out most of the gains already that occurred after the announcement of Michael Cohen and Manafort both being convicted. The market has already seemed to shrug this bad news off, and it appears that we continue to go much higher. With this in mind, I anticipate that buying the dips will continue to be the case, it looks as if the S&P 500 will continue to march higher right along with the rest of the stock markets. I recognize the 2850 level underneath as support, and I think that we will continue to see value hunters come in every time we pull back.

Ultimately, if we do break down below the 2850 level I think that the market will probably break down rather significantly. I don’t have any interest in shorting this market, it’s resiliency continues to amaze and punish those who would short this trend. Volume has been decent for the day, and almost always on green candles, giving me even more reason to think that we continue to see value hunters jump in and take advantage of these pullbacks. After all, earnings were pretty good, and that is at the end of the day one of the most important drivers of the stock market. Those who would short based upon headlines on Wednesday will more than likely see this as yet another bit of noise that has been forgotten rather quickly as the trend continues.

S&P 500 Video 23.08.18