S&P 500 Forecast August 12, 2015, Technical Analysis

The S&P 500 fell significantly during the session on Tuesday, wiping all of the gains for Monday. With this, the market looks as if it’s ready to simply chop around, which of course makes a lot of sense during this time of year. After all, most of the big money is on the sidelines and at vacation currently. With this, we have no interest in putting any real large positions on, but we do recognize that somewhere near the 2070 level there should be enough support to turn this market back around and have a start buying yet again. We think at that point in time the market will probably head towards the 2100 level.