SP 500 and NASDAQ 100 Forecast March 9 2016
The
S&P; 500 fell during the course of the day on Tuesday, breaking the bottom of not only the hammer from the Monday session, but the bottom of the shooting star from the Friday session. While I do recognize that there is a hammer just below current levels, this does look a bit bearish.
I believe that the market will probably grind lower, but eventually will find buyers somewhere near the
1950 level in order to turn things back around.
Once we do, that will be a nice buying opportunity but at this
point in time it looks like we are going to drop from here. With this, I believe that short-term sellers will take control, but ultimately this is a market that certainly has quite a bit of bullish pressure underneath.
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