S&P 500 Forecast October 23, 2014, Technical Analysis

The S&P 500 try to break higher during the course of the day on Wednesday, but found the 1950 level be a bit too resistive and turned back around and form a slightly bearish candle. However, with the Initial Jobless Claims number coming out today, we could have a catalyst to go even higher. Regardless, a pullback is healthy, and as a result we believe that buying opportunities will persist below. We have no interest in selling this market at the moment, as we do think that we have strength in this market as we shot above the 1900 level.