S&P 500 Price Forecast February 12, 2018, Technical Analysis

The S&P 500 has fallen during the trading session on Friday, but late in the day it looks like the buyers are starting to come back to pick up the market. Because of this, I think if we can clear the 2625 level, we may see a continuation of bullish pressure and a reach towards the 2700 level. It must be said that the Friday session looks to be closing with some health. · FX Empire

Christopher Lewis

Updated Fri, Feb 9, 2018, 9:34 PM

The S&P 500 initially fell during the trading session on Friday but found enough support just above the 2550 level to turn around and rally. We’ve and broke above the 2600 level again, and it looks like we are ready to continue to go higher. Otherwise, we break down below the 2550 level, the market could reach down to the 2500 level below, which I have as the “floor” in the uptrend. If we were to break down below there the S&P 500 will probably fall apart.

This is a market that has had no significant pullback in a while, so the last couple of days, although very volatile and nausea inducing, were probably very necessary to the health of the market. You can’t go straight up in the air, and perhaps people needed to be reminded of this. The “short volatility” trade has blown up, and that has caused an intense amount of trouble for some hedge funds. Oil markets have rolled over as well, and that of course has heard a lot of the larger energy companies. However, I still think that the uptrend is very stringent, and that there will be plenty of value hunters out there looking to take advantage of this pullback. On a break of the 2625 level, I’m a buyer with a stop loss at 2550.