S&P 500 Price Forecast – Stock Markets Continue To Break Higher

The S&P 500 has broken a bit higher during the trading session on Wednesday, as we continue to see tensions between the Americans and the Chinese ease, and perhaps people are starting to come to grips with the idea that the virus coming out of China isn’t necessarily going to be the end of the world. If that’s going to be the case, then it’s very likely the stock markets can recover from those headwinds. This isn’t to say that we should shoot straight up in the air, but it does suggest that perhaps the 3300 level underneath will continue to offer plenty of support.

S&P 500 Video 23.01.20

A break above the highs during the trading session should send this market higher, but I like the idea of finding value when we can. If we do break down below the 3300 level, it’s likely that the 3250 level will offer support as well, and most certainly the 3200 level will due to the fact that the area had been supported previously and of course the 50 day EMA continues to sit in that general vicinity. I have no interest in shorting this market, it is simply far too strong to do at this point in time. With this, I like the idea of picking up value as it occurs and taken advantage of it. The 3500 level is still my target over the longer term, but I don’t think that we get there overnight so to speak. With that being the case, I only have one direction in which I’m trading but I like the idea of finding value so therefore when we drop I’m thinking about going long, not short.

Please let us know what you think in the comments below