S&P 500 Price forecast for the week of March 12, 2018, Technical Analysis

The S&P 500 pulled back a little bit during the week, but then exploded to the upside, reaching towards the 2800 level. If we can break above there, the market should continue to go higher, to at least the 2875 handle. If we were to break above that level, then the market goes looking towards the 3000 level. Ultimately, I think that every once in a while, we pull back, but that should offer value that people are willing to take advantage of. I believe that the 2500 level underneath is a “floor” in the market, so it’s likely that if we break down below there this market will collapse. I think that value hunters will continue to pick this market up every time it pulls back and show signs of support, and I also believe that eventually we will go higher. I think that it’s volatile, but if you are cautious and add slowly you can take advantage of the momentum.

Ultimately, I believe that this market will eventually get clarity, but in the meantime, there are a lot of issues that we will need to address, and that may cause a bit of shakeout occasionally. Trade tariffs and potential trade wars could move this market around, just as the occasional headline coming out of geopolitical concerns could. Ultimately, I believe that we are going to continue to see noise, but in the end, it should continue to offer an opportunity for us to rally.

S&P 500 Video 12.03.18