S&P 500 Price Forecast – Stock Markets Continue to Climb
The S&P 500 has rallied a bit during the course of the trading session on Friday, reaching towards the 4175 handle. It has been a very quiet session on Friday, but it should not be a huge surprise considering that the weekend was coming, and a lot of people would not be looking to get involved. Furthermore, we are a little bit stretched going forward, so we should take a look at the market has been overdone and therefore pullback should continue to be buying opportunities.
S&P 500 Video 19.04.21
Underneath, the 4000 level is a large, round, psychologically significant figure that people will be paying close attention to, and of course there is a little bit of a gap just above there. Ultimately, I think pullbacks to that area would be an excellent buying opportunity, especially as the 50 day EMA is racing towards that area. At this juncture, I think it is only a matter of buying on the dips so that we can go much higher. We are in an uptrend, and that is the most important thing to pay attention to as you cannot fight this type of liquidity measures that we have seen coming out of the Federal Reserve.
If we were to break down below the 3800 level, then I could start buying puts, but really at this point in time I do not see that happening anytime soon, so it is almost as if it is not even a thought. I look at pullbacks as buying opportunities, I have no interest in trying to fight what has been nothing but a tidal wave of bullish pressure.
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