The S&P 500 initially pulled back during the day on Monday, but then rally again to reach towards the 2850 level. The market looks likely to try to reach the highs at the 2880 handle, but at this point you probably need to find short-term pullbacks to pick up a little bit of value and start putting money to work. I certainly would short this market, and I believe that the 2800 level below should offer support, and therefore I think that the market will find value in that area. I believe that area extends down to the 2790 handle, as it is more of a “zone” than anything else. Again though, I like the idea of buying short-term pullbacks as a sign of value, and what has been a very strong uptrend as of late.
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S&P 500 and NASDAQ 100 Forecast August 7 2018