The S&P 500 rallied again on Monday as we continue to extend the uptrend. The market looks as if it is ready to go much higher, but being a bit overextended could be an invitation to pull back. I think that will attract buyers though, because we are obviously in an uptrend and obviously continue to explode to the upside. Pullbacks that find support or a bounce should be buying opportunities, and I believe that the S&P 500 is currently looking to get much higher, perhaps even the 2500 level. I believe that the 2300 level will now start to offer a bit of a floor in the market. US indices in general continue to lead the rest of the world, and therefore have no interest in shorting.
S&P 500 and Nasdaq 100 Forecast - 14 February 2017
Senior Technical AnalystChristopher Lewis is a technical analyst and market commentator at DailyForex with more than two decades of trading experience in Forex and other leveraged markets. Based in Columbus, Ohio, he specializes in chart-based analysis of major currency pairs, stock indices, commodities, and energy markets, focusing on clear support and resistance levels, trend structure, and risk management. Christopher produces daily written and video analysis for tra...
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Senior Technical AnalystChristopher Lewis is a technical analyst and market commentator at DailyForex with more than two decades of trading experience in Forex and other leveraged markets. Based in Columbus, Ohio, he specializes in chart-based analysis of major currency pairs, stock indices, commodities, and energy markets, focusing on clear support and resistance levels, trend structure, and risk management. Christopher produces daily written and video analysis for traders who rely on technical setups to navigate volatile market conditions
As seen on: Pairs Of Aces Podcast,The Trader Guy, FXEmpire