S&P 500 Price Forecast January 16, 2018, Technical Analysis
US stock markets in general have been very bullish, and I think that the S&P 500 will continue to be the same. CFD traders of course were slightly bullish during the day, but I think that only so much can be read by that. I think that if we do pull back, it’s likely that we will find plenty of value hunters coming into this market as we are approaching the 2800 level. A break above the 2800 level sends the market looking for the 2900 level above, and then perhaps towards the 3000 level.
I think pullbacks will continue to be opportunities to pick up value, and I think that if we can find a pullback with a short-term bounce, that should be a nice buying opportunity. 3000 is an area that people will continue to be attracted to, and I do think that it’s a longer-term target for most traders. Longer-term, I believe that the US dollar falling will continue to be bullish for stock markets overall, so of course the S&P 500 will be a beneficiary as well. Ultimately, I believe that the market will continue to be noisy, but ultimately bullish as we have seen buyers willing to pick up any dip that happens, especially considering algorithmic traders to continue to trade the market as such. In fact, we can’t even drop 1% during the day lately, as the market should continue to be choppy but bullish.
S&P 500 Video 16.01.18
This article was originally posted on FX Empire