Yahoo Finance S&P 500 Price Forecast October 23, 2017, Technical Analysis
The S&P 500 rallied significantly during the session on Friday, but then pulled back a little bit only to find more buying pressure. Ultimately, we closed near the 2575 handle, and I think that the market should go looking towards the 2600 level after that. Pullbacks offer value, and eventually, we should break above the 2600 level. Ultimately, I think that the 2550 level is the short-term floor in the market, and the S&P 500 should continue to benefit from a stronger than anticipated earnings season. I think that the pullbacks offer value the people will be willing to take advantage of, as we are in such a strong uptrend. Ultimately, this is a market that is difficult to short, and really at this point, I don’t see much way to do that.
S&P 500 Video 23.10.17
Every time we pull back, I look at this is an opportunity to pick up value, because quite frankly the markets are so strong that only a fool would be shorting this market. If we break down below the 2500 level, it could change everything, but right now I don’t think we’re going to get there. That would take a significant selloff, and obviously some type of catalyst to cause it to happen. Markets continue to be choppy, and of course driven by earnings, but most of the gains during the session on Friday was probably due to the possibility of tax cuts coming out of Washington DC looking a little bit more viable. Volatility is a huge thing, but at the end of the day, it’s obvious that the buyers are much more convinced than the sellers are as you can see by the overall trend of the market. This market continues to look as strong as any of the indices that I follow.
This article was originally posted on FX Empire
