S&P 500 Price Forecast – Stock Markets Break Down After Disappointing Jobs FigureThe traders on Wall Street continue to look at bad news as good news, as we have seen a disappointing jobs figure only to see Wall Street celebrate by buying more stocks.
The S&P 500 has rallied during the course of the trading session on Friday as the jobs number disappointed. Perhaps this is a play on the idea of the Federal Reserve stepping in and keeping the market afloat. After all, the significant amount of quantitative easing should continue to keep traders in a good mood, and therefore continue this overall uptrend. Pullbacks at this point should continue to see support near the 4200 level, an area that has been difficult to break out of. Underneath, we have support through that entire consolidation area that extends down to the 4100 level.
S&P 500 Video 10.05.21
All that being said, now that we are above the 4200 level, I think that the S&P 500 probably goes looking towards the 4400 level. The 4400 level is my target simply because the market does tend to move in 200 point increments, so that is something that you should pay close attention to. I have no interest whatsoever in trying to short this market, but at this point in time the market continues to see a lot of strength, and quite frankly there is no reason to try to fight this overall uptrend. In general, there are no signs that we are slowing down, so with that in mind I think that it is only a matter of time will continue to go even higher. Furthermore, the market looks as if it is trying to close towards the top of the range and that of course is very bullish as well. Look for value and take advantage of it is the plan that I am using.
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