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S&P 500 Price Forecast – Stock Market Awaits Jobs Number

The S&P 500 has gone back and forth during the trading session on Thursday, as we await the jobs figure. At this point though, the last couple of days looks as if it has formed a bit of a base.
Christopher Lewis
S&P 500 Price Forecast - Stock Market Awaits Jobs Number

The S&P 500 as caused a lot of issues for traders during the trading session on Thursday as we go back and forth. We are waiting for the jobs number to come out on Friday, and that of course always makes the market a little bit choppy. That being said, I believe it is only a matter of time before we see this market make a move, but it probably won’t be until the announcement comes out at 830 in the morning on Friday in New York. Pullbacks at this point should be buying opportunities with the 50 day EMA underneath should offer plenty of support.

S&P 500 Video 06.12.19

Ultimately, this is a market that is in an uptrend and it should be treated as such. With that being the case I like the idea of buying any types of dips, as a knee-jerk reaction to the jobs figure should be a value proposition just waiting to happen. The 3030 level underneath begins a significant amount of support that extends all the way down to the 3000 handle. Ultimately, we are about to see the “Santa Claus rally” start taking off again. Ultimately, this is a marketplace that is one that cannot be shorted, because quite frankly this is a market that is far too bullish and of course with the Federal Reserve on the sidelines willing to help Wall Street, there’s hardly any way to start fighting this type of trend. In fact, the market participants will continue to look for value going forward.

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