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

If I have said it wants, I have said it a million times: you simply cannot short this market. Looking at this overall trend, you can see that every time we sell off for more than a percent or two, it is a buying opportunity this is mainly because the Federal Reserve will do whatever he can to lift the markets, and now that we have the “reopening trade” in full blossom, a lot of traders are going long. Furthermore, banks now can buying their own stocks again, and offer bigger dividends. In other words, everything is lining up to be rosy.

S&P 500 Video 30.06.21

Pullbacks at this point in time should be supported at the 50 day EMA which is also walking along the uptrend line. The 4200 level should offer a certain amount of psychological support and I believe that the “floor the market” is at the 4000 handle. If we were to break down below there might be a buyer of puts, but really at this point in time that does not look very likely. The next target is the 4400 level, but keep in mind that Friday also has the jobs number coming out so there is the possibility that could cause a little bit of volatility at the end of the week, perhaps with a severe lack of it going into that session.

Nonetheless, this is a one-way trade, meaning that you should only be a buyer. If you do not feel confident about the trend over the move for the session, you should be on the sidelines. Finding the trend in a market that is so verbally manipulated by the Federal Reserve is ridiculous behavior at best.

For a look at all of today’s economic events, check out our economic calendar.