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Christopher Lewis
S&P 500 Price Forecast - Stock Market Breaks Above Shooting Star

The S&P 500 has rallied a bit during the trading session on Wednesday again, breaking above the top of the shooting star from Tuesday, negating the idea of a pullback. I had anticipated a pullback, but massive support at the 3300 level, but ultimately, we are not going to get that. The 3400 level is a large, round, psychologically significant figure, and if we were to pull back from there then perhaps we might get a little bit of value that we can take advantage of but right now it’s obvious that the market is only going to go in one direction, and that’s higher.

S&P 500 Video 13.02.20

I have a target of 3500, but that is something that I anticipated would take months to get to, not weeks. Nonetheless, we have plenty of bullish pressure in this market and as long as the Federal Reserve is looking to be loose with monetary policy, stocks will continue to climb. It doesn’t necessarily mean that it does anything for the economy itself, but stock markets certainly seem to like it. That being said, the market is likely to find plenty of support at the 3300 level on a pullback, and then of course the uptrend line should also offer the same type of support. For what it’s worth, the 50 day EMA is currently trading right along with an uptrend line as well, so it’s only a matter of time before the buyers will show plenty of bullish pressure, unless of course something drastic happens from a geopolitical standpoint. At this point, it’s very likely to continue seeing upward pressure.

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