S&P 500 Price Forecast January 18, 2018, Technical Analysis
The S&P 500 traders continue to be very bullish longer-term, and every time we get one of these dips it seems as if the general public is ready to jump in. Beyond that, we have algorithmic traders willing to jump in as well. It just doesn’t seem to be any appetite to sell this market, and I think that we will continue to see an extended run to the upside. Buying on dips continues to work out rather nicely, and I think at this point selling is all but impossible. If we were to break above the 2800 level, the market goes much higher, and I still have a longer-term target of 3000 for the year.
In general, there is a lot of volatility, so I think that these pullbacks should be looked at as potential opportunities, not something to be afraid of. In fact, it’s not until we break down below the 2700 level that I become concerned about this market, and you should also keep in mind that algorithmic traders have no interest in letting this market fall more than a percent, so the noise continues to be something that you can count on and anticipate. I think the 3000 level is going to be a much more significant resistance barrier, and will take much more momentum to finally clear that level. If we break above the 3000 level, that would be explosive, and I think it will given enough time, but it will probably take several attempts.
S&P 500 Video 18.01.18
This article was originally posted on FX Empire
