Don’t get me wrong, I am bullish of the S&P 500 but I also recognize that as we go into the weekend with the bevy of potential headlines out there just waiting to happen, it makes a lot of sense that traders would be cautious about putting a lot of money to work. I think at this point, we are probably going to look at the 2900 level underneath as support, and barring some type of negative headline, that should continue to hold. I do like buying dips in the S&P 500 more than anything else right now, simply because there’s so much fear out there.

Longer-term, we could go to the 3000 level, but we need the next catalyst higher. I think that would be in agreement between the United States and China. In agreement between the United States and Canada could be the next short-term catalyst, but the real prize is China. I look at pullbacks as ways to take advantage of value in a market that is obviously bullish, and don’t have any interest in shorting whatsoever. Below the 2900 level, I also see the 2890 level in the 2880 level as both areas of support, so I’m simply waiting for value to present itself so I can take advantage of it. Longer-term, I think that the buyers will continue to run this market, because quite frankly every time it looks as if we are ready to roll over the market will get saved.

S&P 500 Video 17.09.18

This article was originally posted on FX Empire

More From FXEMPIRE:

• AUD/USD Weekly Price Forecast – Aussie dollar show signs of life

• Silver Weekly Price Forecast – Silver markets go nowhere for the week

• S&P 500 Weekly Price Forecast – S&P 500 continues to consolidate

• GBP/USD Price Forecast – British pound struggles that major resistance barrier

• Natural Gas Weekly Price Forecast – natural gas has an ugly week

• Crude Oil Weekly Price Forecast – crude oil markets rally during the week but fell at the same level again