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The S&P 500 initially tried to rally, but found enough resistance at the 2475 level to turn around and form a massive shooting star. The market fell as low as 2420 or so, so it looks very bearish to me. The 2400 level underneath is massive support, so if we were to break down below … Continue reading S&P 500 Index forecast for the week of August 21, 2017, Technical Analysis
Rahul Narang has every reason to be skeptical. “The forward price/earnings ratio for the average tech stock is 19 today versus the S&P 500’s 17.7,” he says. Of course, Apple (AAPL), which accounts for 15% of the S&P 500’s tech weighting, has a disproportionate influence on the valuation.