S&P 500 Price Forecast – S&P 500 looks ready to continue higher

The S&P 500 went sideways in the CFD market initially on Wednesday, as the 2800 level should offer a bit of support. If we can stay above that level, the market is likely to continue going higher, perhaps reaching towards the 2880 level. · FX Empire

Christopher Lewis

Updated Wed, Jul 18, 2018, 11:05 PM

The S&P 500 initially has gone sideways in the CFD market, and as the Americans are starting their workday, it looks likely that we are going to go higher. I think that the 2800 level continues to be a major level, and I think that the 2800 level should have plenty of importance attached to it, and I believe that the support runs down to the 2790 handle as well. Overall, I think that the market participants will continue to be looking for value on dips, and I do think that eventually we will get the break out that the market so desperately wants to achieve.

This is particularly interesting considering that the US dollar has been surging higher, which typically works against the value of stocks. However, we have had good earnings coming out of the banking sector over the last couple of days, which of course is helping the S&P 500 overall. I think that if we can get about 15 points higher, the market will almost certainly reach the highs, and then perhaps eventually the 3000 level which is my longer-term target.

If we break down below the 2790 handle, then I think the market probably unwinds to the 2770 level, an area where we have more demand. I believe that the uptrend is very much intact, and it should continue to be for the foreseeable future. I think that it might be difficult, but the only thing you can do in this market is buy.