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
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex...
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Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.