S&P 500 Price Forecast – S&P 500 Makes All-time Highs Again
The S&P 500 has rallied just a bit during the course of the trading session on Tuesday, as we continue to see money managers put money to work for the new year. All things being equal, any type of pullback that we see at this point will more than likely offer quite a bit of interest. The 4738 level underneath should be supportive, and therefore I think you need to look at it through the prism of “buying on the dips.”
S&P 500 Video 05.01.22
The 50 day EMA sits at the 4647 level and is starting to rally a bit, and therefore I think it is probably only a matter of time before we see plenty of buyers jump into this market and try to take advantage of any value that they see. We been in an uptrend for 13 years, with the occasional bump along the way. I do not see any reason why this is going to change anytime soon, so on a dip I am going to be looking to get long yet again. As far as a longer-term target is concerned, I suspect that 5000 will eventually be targeted, but it is a bit down the road before we get there.
We do have the jobs number coming out on Friday and that will obviously have a major influence on what happens next. Because of this, you need to look at the chart, you should look at it through the prism of whether or not it is offering you value before what should be a very volatile day on Friday. Nonetheless, I have no interest in shorting this market.
For a look at all of today’s economic events, check out our economic calendar.