S&P 500 Forecast October 29, 2014, Technical Analysis

The S&P 500 broke higher during the course of the day on Tuesday, clearing the top of the hammer for Monday. This of course is a very bullish sign, and we continue to believe that this market will eventually go to the 2000 handle. We are buying dips as they occur on short-term charts, and believe that ultimately we will break above 2000 and test the highs and 2020 yet again. The move recently has been a bit parabolic though, so a pullback would not be surprising, as no market can go in one direction forever.