S&P 500 Price Forecast – S&P 500 continues to show strength

The S&P 500 was very noisy during the trading session on Thursday, as we continue to press towards the all-time highs. That being the case, it’s not a surprise that we had seen several pullbacks during the day, as there would be a lot of trepidation about trying to push the issue. However, I believe that the stock markets continue to find reasons to go higher, which of course is based upon psychology and possibly even earnings which have been fairly strong. That being the case, I do like the idea of buying dips, and I use the 2860 level as the first support level to do so. Beyond there, I think the 2850 level is even more support. I recognize that the 2900 level above is going to be difficult to crack, but once we do it should be a longer-term move and I think far too many traders out there will be gunning for the 3000 level to think that it won’t happen eventually.

The 3000 level is my longer-term target, and it seems to me that the buyers have continued to be relentless and should be going forward as earnings were decent, and it seems as if the tax cuts in the United States are just now being felt. Beyond that, it looks as if the United States and Mexico are getting close to an agreement on NAFTA. Overall, I think there is risk of a serious break out but it isn’t going to be easy.

S&P 500 Video 24.08.18