S&P 500 Price Forecast – Stock Markets Continue Monster Run

The S&P 500 initially tried to rally during the course of the trading session on Friday, and although it did keep some of the gains, we have seen a little bit of profit-taking heading into the weekend. Nonetheless, this is a market that looks very bullish, and I find a difficult market to think about shorting. As result, I fully anticipate that this market will continue to go higher given enough time, and therefore I have no interest in shorting it. At this point, I think the 4600 level could offer support, and its most certainly likely to see support at the 4500 level as well.

S&P 500 Video 08.11.21

With the better than anticipated jobs number, it does make a certain amount of sense that the stock market would continue to go higher, but we had been so parabolic to begin with that it may need to rest. With that in mind, I think this is a simple pullback that offers value, and trader should look at it through that lens. However, if we do break above the top of the candlestick for the Friday session, that will only supercharge this move, but quite frankly I do not like that type of situation where we have the potential of a “blow off top.” In other words, I actually welcome some type of pullback but whether or not we get it might be a completely different question. All things been equal, there is nothing on this chart that suggests selling anytime soon.

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