The S&P 500 fell slightly during the trading session on Friday, which was a bit of a victory considering that it’s been a negative week all week, but at this point I think we are approaching some significant support. The 2850 level underneath should offer a bit of support and should continue the uptrend. At this point, I think that it’s only a matter of time before value hunters come back in. It’s been a little bit of a rough week, and with concerns of the trade war escalating between the United States and China, it makes sense that we pull back. However, I think that it’s only a matter of time before value hunters come back in it because quite frankly people continue to buy the US stock market as a bit of a safe haven trade in a twist of irony. As emerging markets continue to fall, the S&P 500 continues to pick up steam.
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S&P 500 and NASDAQ 100 Forecast September 10, 2018