S&P 500 Price Forecast – SP 500 Hits 3200 Level

The S&P 500 rallied a bit during the trading session on Monday to kick off the week, reaching towards the 3200 level. The 3200 level is of course a psychologically important figure so this in and of itself is a reasonable event. Beyond that, there was an ascending triangle previously that measured for a move to 3200 so we have now in fact hit what has been my longer-term target. Now that’s been done, it’s not as clear other than there is obvious bullish pressure underneath. I prefer buying pullbacks at this point, I could have quite frankly see the S&P 500 drop as low as 3100 without being overly concerned.

S&P 500 Video 17.12.19

A lot of pundits are calling for 3250 being the target, and another 50 points between now and the end of the year certainly wouldn’t be much of a challenge. I think short-term pullback should be looked at as potential buying opportunities, especially considering that so many money managers out there need to pad their results for the year. Ultimately, this is a market that is directional, and that direction of course is the uptrend. With this, I have no interest in shorting whatsoever and do believe that simply waiting for the market to offer a bit of value is probably what most traders are going to be doing. With this, the market is likely to continue to see a lot of noise, but ultimately there are a lot of people out there sitting on the sidelines and suffering at the site of this market going higher. Every time it pulls back there will be plenty of “fear of missing out.”

Please let us know what you think in the comments below