S&P 500 Price Forecast – Stock Markets Continue Slow Grind Higher
The S&P 500 initially dipped during the trading session on Wednesday but has recovered enough to show signs of stability again. Quite frankly, this is a market that has been very bullish as of late, but it is also worth noting that we are a little bit extended. Nonetheless, we have a bullish flag that had kicked off, so it is worth noting that we should go higher over the longer term. With that being the case, I have no interest in trying to short this market, so I look at any dip at this point in time as an opportunity.
S&P 500 Video 18.11.21
We are in the midst of earnings season, so that of course could have an effect on the markets as well, but quite frankly I think this is a scenario where you look at it through the lens of trying to pick up value along the way. Longer-term, it is very likely that we go looking towards the 5000 handle, as the “Santa Claus rally” is a real phenomenon that happens at the end of the year. Money managers do everything they can to make up for poor performance, as they have to struggle to reach their benchmark. At this point in time, the 4600 level looks to be a bit of a floor, with the 50 day EMA rising towards that area as well. I would not be surprised at all to see this market go looking towards the 4800 level sometime between now and the end of the year, but ultimately I think 5000 is the real target.
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