S&P 500 And Nasdaq 100 Forecast For March 15, 2016


S&P 500

The S&P 500 went back and forth during the day on Monday as the 2020 level seems to be a bit of a magnet for price. Because of this, I think that we may have a fight on our hands above, and of course the previous noise that we had seen in this area at the end of 2015. However, the fact that we formed a hammer and we have recently broken above the 2000 level with some solid action tells me that it’s only a matter of time before we go higher. If you are willing to put up with the volatility, and perhaps use a low leveraged position, this might be an excellent trade going forward. Ultimately, I believe that the S&P 500 targets the 2080 handle.

 

NASDAQ 100

The NASDAQ 100 broke out during the day on Monday, clearing the 4350 handle and as a result I think we are heading to the next large, round, psychologically significant number in the form of 4500. I think it’s only matter time for we get there and unlike in the S&P 500, it could be a fairly quick move. Keep in mind that the NASDAQ 100 tends to move a bit quicker than the S&P 500 anyways, and of course is highly influenced by exports. Most of the tech companies on this index are major exporters of technology around the world, so pay attention to other stock indices such as in Germany, France, and Korea which is heavily laden with technological companies.

Pullbacks at this point in time should have plenty of support, and therefore a supportive candle below is reason enough to start going long. I have no interest in shorting the NASDAQ 100, especially considering that it is an index that features non-banking firms. With this, I believe that the only thing you can do is buy.

 

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