S&P 500 Price Forecast for the Week of September 25, 2017, Technical Analysis
The S&P 500 went back and forth during the week, essentially hovering around the 2500 level. The candle is less than impressive, but quite frankly I think it any pullback will simply offer a buying opportunity for those who have missed the most recent bullish breakout. The 2500 level has a certain amount of psychological importance to it, but at the end of the day, I think if we can break above the top of the candle for the week the market should continue to go much higher. Pullbacks offer value, and I believe that given enough time the market will then go to the 2550 handle above. We are in a strong uptrend, which has been very reliable over the last 2 years.
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Ultimately, this is a market that should continue to be choppy, but longer-term, I don’t see the reason why the buyers won’t continue to favor this market. The markets continue to simply grind every time we get an opportunity to do so, and therefore selling is all but impossible unless of course, we were to break down below the 2400 level, which is for me a massive “floor” in the market. Ultimately, if you had simply held onto a long position over the last couple of years, you’ve done quite well. I see nothing on this chart that tells me things are going to change anytime soon. Because of this, I remain very bullish, and I recognize pullbacks as opportunities to pick up the S&P 500 “on the cheap.” Ultimately, this market will continue to grind in a very steady and predictable manner. Ultimately, the market should continue to be noisy yet reliable as she had been over the last couple of years.