S&P 500 Price Forecast – S&P 500 Continues Straight Up In the Year
The S&P 500 gapped higher to kick off the trading session on Monday after the blockbuster jobs report on Friday. Remember, Wall Street had no way to react to the jobs number on Friday, so this may have been brewing all weekend. That being said, it looks as if short-term pullbacks will continue to be buying opportunities, especially near the 4000 level as that Should be supported now.
S&P 500 Video 06.04.21
The 4100 level above is a target, and therefore I do think that we will eventually go to that area. Breaking above their opens up the possibility of another 50 points, and I certainly think that it is only a matter of time before the S&P 500 simply takes off. The addition of 916,000 jobs seems to have people thinking that the economy is going to go ripping to the upside, and it very well could for the time being. However, inflation is going to be an issue sooner or later, so that is something worth paying attention to.
The 50 day EMA underneath continues to be supported, and therefore I think as long as we can stay above there, plenty of traders will come in and pick this market up every time it falls. The longer-term target is still a little bit of a mystery, but right now I am thinking 4250, maybe even higher than that. If we break down below the 3800 level, then I would be a buyer of puts but that would be a far cry from where we are at this point in time. I have absolutely no interest in trying to actually short the index.
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