S&P 500 Price Forecast – stock markets closed but futures rally

The S&P 500 has rallied in the futures markets during electronic trading on Monday as liquidity would have been a major issue. I think pullbacks will continue to be potential buying opportunities, but there are a lot of concerns out there when it comes to the trade talks between the United States and Canada, and of course the trade spat between the US and China. Ultimately, I do think we go higher but we may need to find some value in the meantime. I believe that the 2890 level is going to offer significant support, just as the 2900 level will. If we break below the 2890 level, then I would step back and look for support closer to the 2870 handle. This is a market that has rallied rather significantly, and every time it sells off it looks likely that the buyers are going to come back based upon recent reactions.

However, markets will be very skittish due to the headlines that are coming out when it comes to the global trade issues between the United States and essentially everyone else. Overall, I anticipate that the market will try to go looking towards the 3000 level, but it is going to take a significant amount of time to get there. I believe that eventually we will get some type of flush out, but that should give you an opportunity to pick up this market “on the cheap.”

S&P 500 Video 04.09.18