S&P 500 Price Forecast – Stock markets continue to find buyers on dips

The S&P 500 fell during the early part of the trading session on Tuesday in the futures markets, but you can see that the 3000 level has offered enough support to turn things back around. By doing so, the market looks very likely to continue to show signs of life to the upside, but obviously we have to get through the Federal Reserve interest rate announcement and accompanying statement before we get the “all clear.”

S&P 500 Video 31.07.19

Ultimately, this is a market that has been in and uptrend, so now it’s a question as to whether or not the Federal Reserve is going to continue to liquefy the markets. I find it very difficult to imagine that the Federal Reserve will give Wall Street what it wants, so I do think that eventually we will have buyers come in and send this market much higher. Ultimately, that should be an opportunity to start reaching towards the 3050 level, and then eventually the 3100 level after that. I do like the idea of buying short-term dips, with the “floor” of the market being closer to the 2950 handle, as there is a major gap there, and of course the 50 day EMA is starting to reach towards that level. Ultimately, this is a market that I think eventually finds reason to go higher one way or another. If we did break down below that level that changes everything but it seems very unlikely at this point to happen.