S&P 500 Price Forecast June 26, 2017, Technical Analysis
The S&P 500 had a volatile session on Friday, initially going sideways and then dipping down towards the 2430 handle. There’s enough support there to turn the market around though, and with the rebalancing of the Russell 2000, it makes sense that we saw this type of choppiness. I still believe in the uptrend, and I think that the market will go looking for the 2450 handle, and then eventually the 2500 level. The 2425 level underneath has offered significant support, and I believe that the bottom of the uptrend is somewhere closer to the 2400 level. S&P 500 traders continue to favor the upside in general, and I certainly have no interest whatsoever and trying to find that trend.
Buying growth
I believe the traders continue to buy growth, as the S&P 500 has shown so much in the way of offering that. The earnings season recently has been positive, so I think that the S&P 500 should continue to be bullish in general. I believe that the market should continue to go higher based upon not only that, but because of the markets going higher of the longer term reflects the trading community having nothing better to do. After all, run a low interest rate environment and even with the Federal Reserve raising interest rates, it doesn’t dissuade investing. Beyond that, you can also look at it is a sign that the economy is getting better, which is even more of a reason to be involved in the S&P 500. I’m a buyer, and every time we dip I think it’s a value presenting itself going forward. I recognize that the 2500 level will be massively resistive, but eventually we will get beyond their as well.
S&P 500 Video 26.6.17
This article was originally posted on FX Empire
