S&P 500 Price Forecast – Stock Market Likely To Continue Higher

The S&P 500 has pulled back significantly during the trading session on Thursday, perhaps in anticipation of the jobs figure, or perhaps even the realization that the Federal Reserve may set things on pause for a while. Regardless, this is a market that is likely to continue to go to the upside based upon the overall uptrend, and the fact that the market has broken above the highs, which had been at 3030. That was the top of the ascending triangle and does suggest that we could go to the 3200 level or so.

S&P 500 Video 01.11.19

The 50 day EMA is starting to turn to the upside, as it is a sign that the shorter-term movement to the upside. At this point, the market looks very likely to find plenty of buyers not only at the 3030 level but also more obviously the 3000 level. The point of control for the last 30 days is near the 3000 handle, which is where the most volume has been done, and at this point it should continue to attract a lot of attention. I would anticipate not only due to volume that we should see a lot of interest, but the fact that it is a large, round, psychologically significant figure. To the downside, the 50 day EMA will be massive support as well, and therefore it’s only a matter of time before we see this market turn right back around to the upside. That being said, the market is likely to be thought of as a market you should be looking for value in.

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