S&P 500 Price Forecast – Stock Markets Continue Slow Grind Higher

The S&P 500 has rallied a bit during the trading session, as we are now clearly above the 3800 level. At this point time, the market looks likely to continue going higher, but we may need to pull back just a bit in order to find buying opportunities underneath. Nonetheless, we are very much in a strong uptrend, and I do not think it is going to change anytime soon. That does not mean we cannot pull back, and quite frankly pullbacks are value and potential buying opportunities.

S&P 500 Video 11.01.21

The 3700 level underneath is essentially the “floor the market”, which is also where we see the uptrend line of the channel slicing through, so at this point in time I think it is only a matter of whether or not we can pick up a little bit of value underneath. Having said that, we break above the top of the candlestick for the day we could slice through the top of the uptrend line that makes the top of the channel. If we do, then it is likely that we could continue to go even higher, perhaps reaching towards the longer-term target of 4000 which I have based upon the previous consolidation.

All things been equal, I have noticed in shorting this market, at least not until we break down below the 3600 level with some type of significant momentum. Until then, I think that we are simply looking at a scenario where the market might be choppy, but it will almost certainly have a nice amount of volume underneath to continue to pick it up.

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