S&P 500 Forecast April 29, 2016, Technical Analysis

The S&P 500 fell initially during the course of the session on Thursday, testing the 2080 handle for support, as the markets look like they are trying to break out over the long-term. The 2100 level continues to be an area of interest by traders, so it makes sense that we see volatility in this region. The 2120 level above is the ‘top’ of the range of resistance at this point, and a move above there sends this market into a ‘buy and hold’ phase. The market pulling back should find buyers as well.