S&P 500 Forecast August 13, 2015, Technical Analysis

The S&P 500 fell rather hard during the course of the session on Wednesday, but found enough support just above the 2050 level to turn things back around and form a wicked looking hammer. Because of this, the market looks as if it is ready to continue to consolidate overall. We believe that the market will find its way towards the 2110 level, and then perhaps the 2130 level given enough time. We have no interest in selling, and we recognize that the overall consolidation should continue as it is summertime and liquidity is a bit of an issue.