The S&P 500 initially tried to rally during the trading session on Tuesday but found the 2800 level to be far too resistive to continue to go higher. We tested the top of the shooting star from the Monday session, but failed to break out above there. The fact that we have cleared the bottom of the shooting star during the day on Tuesday suggests that we are going to continue to see a bit of negative pressure. However, we have been rallying as of late, so I think that it’s a short-term sell off at best. If we can turn around and break above the 2800 level, the market should continue to go much higher. Ultimately, this is a market that I think is going to be very difficult to deal with, and it is because of that I feel that the NASDAQ 100 is a better trading opportunity right now.
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S&P 500 and NASDAQ 100 Forecast March 14, 2018