S&P 500 Price Forecast – S&P 500 Reaches All-Time Highs
The S&P 500 has rallied a bit during the course of the trading session on Monday to make all-time highs yet again, in a market that is in the midst of the so-called “Santa Claus rally”, which is at the end of the year when money managers chase returns. Because of this, it is very likely that we will continue to see a lot of noisy behavior, but there will be plenty of buyers that will jump back into this market. At this point, it is a “buy on the dips” situation, as the S&P 500 seems hell-bent on looking towards the 4800 level.
S&P 500 Video 23.11.21
To the downside, the 4600 level should offer support, and it makes a certain amount of sense that it would be the short term “floor the market.” This is especially true as the 50 day EMA is rising a bit, looking as it is going to go crashing into that area as well. Obviously, the 50 day EMA is an indicator that a lot of people pay close attention to, so it does make a certain amount of sense that we would see buyers jumping back into this market at that point. Ultimately, this is a market that you cannot short, and any time we pull back you have to look at it as a potential “gift.” The market will continue to be very noisy, but all things been equal it is not until we break down below 4250 that you can even imagine the idea of this market being bearish. Ultimately, I do think that we eventually get to the 5000 level, but it may take a couple of months.
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