S&P 500 Price Forecast – Closed but Electronic Trading Continues

The S&P 500 has gone back and forth during the trading session on Thursday and electronic trading for the futures market, because the underlying index of course was closed due to the fact that it was Thanksgiving in the United States. At this point time, the market is likely to see a bit of a short-term pullback, but at this point in time I think there are plenty of buyers underneath. After all, the market is likely to see a lot of volatility due to the fact that we are a bit stretched. However, people are still looking for the possibility of more monetary policy coming out of the Federal Reserve; therefore, they will be looking to buy this market every time it dips.

S&P 500 Video 27.11.20

All things being equal, the market could go to the 4000 level given enough time, based upon the measurement of the previous rectangle that we are trying to break out of. Quite frankly, pullbacks will more than likely be buying opportunities as I believe the 3500 level will be important, but beyond that the 50 day EMA comes into play near the 3467 handle. Below there, we also have the 3200 level underneath offering technical and structural support, but beyond that we also have the 200 day EMA is sitting right there as well. All things being equal, I think that it is simply a matter of waiting for a pullback and buying signs of support on the daily chart. We may be looking at a move later after a few sessions, but ultimately this is a market that should continue to see pressure.

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