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

The S&P 500 rallied significantly during the trading session on Friday, as the jobs number came out stronger than anticipated in the United States. The addition of 313,000 jobs for the month of February of course puts lot of bullish pressure on the stock market, and that’s exactly what we have seen. · FX Empire

Christopher Lewis

Updated Fri, Mar 9, 2018, 10:18 PM

The S&P 500 has rallied significantly during the Friday session after the jobs number came out, much stronger than anticipated of course. Because of this, the S&P 500 CFD markets went racing towards the 2780 level, breaking through a couple of minor resistance barriers. It now looks as if the market will probably be a “buy on the dips” scenario, and I have no interest in shorting as the S&P 500 has been very volatile to the upside, and of course as the market has seen the addition of so many jobs, it makes sense that the buyers will continue to come back in.

Ultimately, the market looks likely to be very noisy, but I think it’s only a matter of time before we break towards the 2800 level, and eventually the 3000 level which is my longer-term target. I believe that the market will eventually find buyers on pullbacks, especially near the 2750 handle. Ultimately, I think that selling is all but impossible right now, as we have certainly seen a lot of risk appetite returned to the marketplace. The market should be approached with caution though, because we do see the occasional explosive move coming. As a rule, I believe that adding on dips could work, but you will need to do so in very small increments as there are a lot of geopolitical concerns, potential trade tariffs, and other things out there that could throw this market around.