The S&P 500 rallied significantly during the trading session on Monday, gaining almost a full percent by the time we started to close out the session. The market looks likely to break above the 2680 handle, and that should send the market towards the 2700 level next. Beyond there, the market will go looking towards the 2800 level, but I would anticipate that we could get a few pullbacks occasionally. Those pullbacks should be buying opportunities though, and I like the idea of picking up value when it presents itself. If we can break above the 2800 level, the market should then eventually go looking towards the 3000 level, my longer-term target. I believe that there is a massive amount of support just below, extending down to the 2500 level. If we were to break down below that level, probably something to do with a trade war or an escalation in Syria, then we could breakdown rather rapidly.
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S&P 500 and NASDAQ 100 Forecast April 17, 2018