S&P 500 Weekly Price Forecast – S&P 500 bounces for the week

The S&P 500 has fallen initially during the week but bounce in a from the 2700 level to turn things around and form a green candle. The market looks very likely to continue going higher, perhaps reaching towards the 2800 level. That’s an area that has been rather resistive as of late, but I think if we can break above there we are free to go to the highs, and then eventually the 3000 level. This is a very resilient market, as talks of trade wars seem to only have the most negligible a fax. I believe that the market is already showing where once the go, and that of course is higher.

However, if we were to break down below the 2700 level, that could unwind this market to the 2600 level rather quickly. That would have to be accompanied by some type of negative news, perhaps something that is a bit overwhelming. At this point though, it looks as if the market is taking a lot of this noise from both the United States and China in stride, and I think that’s a good sign. Ultimately, this is a “buy on the dips” type of situation we find ourselves in and it looks as if the S&P 500 is going to continue to show resiliency going forward. Longer-term traders continue to hold onto their position, adding more confidence to the market going forward. This has been a volatile couple of months, but at the end of the day it looks as if the buyers are still in control.

S&P 500 Video 09.07.18