Yahoo Finance S&P 500 Price Forecast December 14, 2017, Technical Analysis
The S&P 500 continues to be in a very strong uptrend, as traders initially sold at the open on Wednesday, but then shot towards fresh, new highs. It does look like we are getting a little bit overextended, but there is more than enough support at the 2650 level underneath. I think that eventually we will find the 2700 level above, which is a large, round, psychologically important number. A break above there should then send the market much higher.
I think that if we pull back from here, the 2650 level underneath is essentially the “floor” in the market, and if we break down below there I could send in fresh new selling. However, this time year we typically get a bit of a “Santa Claus rally”, and that should continue to keep buyers in the market. Beyond that, the reaction to the interest rate announcement was positive, so it looks likely that we are going to chug along at a reasonable clip to the upside. Look at the pullbacks as value, and between now and the end of the year it’s very rare to have massive selloff. Ultimately, I think that we get plenty of traders chasing returns for the year, as anybody who has not made significant gains over the last 11 months certainly has some explaining to do to their clients. I think that the outlook for the beginning of next year is bullish as well, so I remain positive. I think that adding 2 positions going forward should continue to be the way to compound your gains as we head towards New Year’s.
S&P 500 Video 14.12.17
This article was originally posted on FX Empire
