S&P 500 Price Forecast – S&P 500 rallies to open the week

The S&P 500 has rallied slightly to kick off the week as Americans are through the holiday sessions. I believe that pullbacks are to be bought, and I think it’s only a matter time before we go challenging the 2800 level above again, which of course had been very resistant. I think short-term pullbacks are buying opportunities, and I think that the buyers will continue to flood to this market and take advantage of value what we do pull back. To me, it’s obvious that this is a bit of a “buy the dips” type of market, because quite frankly just a few weeks ago it looked as if the world was falling apart. If we can break above the 2800 level, that could send this market much higher, perhaps the 2900 level initially, followed by my longer-term target of 3000 which I still have out there, but I have to admit it’s taken a lot more work to get there than I thought it would.

If we turn around and break down below the 2740 handle, that could send this market back to the 2700 level, but I don’t think that’s going to happen in the short term, at least not without some type of geopolitical shock or other such nonsense coming of the trade wars. At this point, it looks as if we continue higher.

S&P 500 Video 10.07.18