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

The S&P 500 has formed a large green candle for the week, showing a building of pressure to the upside. I think that the market will eventually go higher, but we may have a little bit of consolidation to do around the 2900 level. Overall, I think that traders are going to go looking towards the 3000 level above but is going to take some time to get there. With this, I believe in buying short-term dips, and the longer-term trader may end up doing the exact same thing, if for no other reason than to find to the entry.

I don’t have any you to stay in shorting this market, at least not until we break down below the 2800 level, which obviously would take a couple of weeks to happen unless something horrible happens news wise. At that point, we would not only be breaking through horizontal support, but we would also break through a major uptrend line. 3000 of course will cause a significant amount of noise in the market as it is a large, round, psychologically significant figure, but I think it’s going take a while to get there, so we should have a nice trading environment. Look for those pullbacks offer the value that you need, as the range of the green candle seems to be getting ready to end larger than the previous week. That is a very bullish sign, and I think most of the market will recognize it as such. I have no interest in shorting currently.

S&P 500 Video 17.09.18

This article was originally posted on FX Empire

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