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S&P 500 Price Forecast December 15, 2017, Technical Analysis

Christopher Lewis
Updated
The S&P 500 had a very bullish session on Marco Rubio suggested that he would support the tax plan coming out of the Republican Congress, making it much more likely that we will see tax reform in America finally.

The S&P 500 was initially somewhat flat during the trading session on Friday, but then exploded to the upside as Marco Rubio suggested that he was willing to support the Republican tax plan, giving us an opportunity to continue to see growing gains in the economy and of course corporate profits. Because of this, I think short-term pullbacks continue to be opportunities to pick up value, and I think that we are reaching towards the 2700 level above.

Longer-term, I believe we break above there, and continue to go much higher. This is a market that should continue to be very noisy yet positive. I think that the end of the year “Santa Claus rally” is in full effect, and therefore this was the catalyst and excuse for buyers to get involved. This market continues to be one that I think will attract a lot of money, and now we may be looking at the beginning of the next leg higher. The move above 2700 should open the door to the 3000 which is my target longer-term, and of course something that we could see during the year 2018. If we did somehow turn around and break below the 2650 level after this, that would be a very negative sign, but I think the longer term “floor” is the 2600 level after that. However, we have rallied very significantly, so I would wait for a short-term pullback to get involved if you have the patience. Adding every time, we really should be the best way to profit.

S&P 500 Video 18.12.17

This article was originally posted on FX Empire

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