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

The S&P 500 has gone back and forth during the course of the trading session on Wednesday to reach towards the 3900 level. At this point time, the market looks as if it is trying to not only break that level but go looking towards the 4000 handle, which has been a longer-term target of mine for some time. With this being the case, I think that short-term dips will continue to be bought into, especially as liquidity measures continue to be forced upon the market. That being said, I look at the 50 day EMA underneath as a potential support level, and most certainly the uptrend line underneath there as the same.

S&P 500 Video 11.03.21

This does not necessarily mean that we get there overnight, but I do think that we are going higher. After all, the Federal Reserve and to a lesser extent the US government will do everything it can to keep this market going higher, and even if we break down below the uptrend line, I think the 3600 level shows previous resistance and support that should come into play, now been backed up by the 200 day EMA reaching towards that level as well. In other words, there is almost no way to short this market. However, if we were to break down below the 200 day EMA, then I would be buying puts as I think it could protect my portfolio and perhaps even make a sizable gain. I have no interest in shorting this market, it is far too manipulated at this point.

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