S&P 500 forecast for the week of August 31, 2015, Technical Analysis

The S&P 500 fell hard during the course of the week, testing the 1870 level. With this, the market found enough support to turn things back around and form a massive hammer. Ultimately, this hammer sits just below the 2000 level, and as a result it looks as if the market is ready to continue going higher. A move above the 2000 level is a long-term buying opportunity, and should send this market to the 2130 handle. We have no interest in selling, and think that pullbacks would end up being nice buying opportunities.