S&P 500 and NASDAQ 100 Forecast October 18, 2018

S&P 500 and NASDAQ 100 Forecast October 18, 2018
The S&P 500 spent most of the day falling during Wednesday trading, but found the area below the 2800 level to be a bit supportive. By doing so, we continue to rally and recover from the massive selloff of last week. Ultimately, this is a market that has done a lot of technical damage as of late, but we did find support at the 61.8% Fibonacci retracement level which of course is crucial. Beyond that, earnings have been pretty strong and pleasantly surprising, and that of course attract a lot of money into the markets as well. At this point, I suspect that short-term pullbacks will continue to be buying opportunities that people are more than willing to take advantage of. A break above the top of the candle stick for the day is the next signal to start going long. That being said, we do have the previous uptrend line just above that could cause a bit of resistance.

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S&P 500 and NASDAQ 100 Forecast October 18, 2018