S&P 500 forecast for the week of November 16, 2015, Technical Analysis

The S&P 500 fell significantly during the course of the week, testing the 2030 handle. By doing so, it looks as if the markets are trying to find some type of support below after a significant and impulsive move higher. The volatility should continue to be difficult to deal with, but eventually we believe that the 2000 level will offer enough support to push this market much higher. Ultimately, if we find enough support, we see no reason why the S&P 500 will go higher, but recently this action might have something to do with the strengthening US dollar. That being said though, it’s only a matter of time before money flows back into this market.