S&P 500 Price Forecast – Stock Markets Continue Flat Action

The S&P 500 has done almost nothing during the trading session again on Thursday, as the market simply is sitting still just below the 3100 level. It should be noted that the volume has dropped off as of late, so it shows a general lack of interest in trying to punch through the ceiling. That being said, we haven’t pulled back though, so that of course is good news as well, because markets can also work off excess via time instead of pulling back. Because of this, I do think that eventually we break out, but I have a couple of plans going forward as to how I want to play this market.

S&P 500 Video 15.11.19

If we break out above the 3100 level on a daily close, then I would be a buyer of this market. If we pull back in bounce from the 3030 level, I would be a buyer there, as well as I would the 3000 handle. For what it’s worth, the 50 day EMA is between those two levels, so that could also offer support as well. At this point, there isn’t a whole lot to move the marketplace as we focus on impeachment, trade wars, the Federal Reserve, and a whole host of other potential issues. It is a bullish market, so I don’t want to short it, I want to find value if I can. Based upon the ascending triangle that we had broken out of, it’s very possible that we go looking towards the 3200 level.

Please let us know what you think in the comments below