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

The S&P 500 has rallied again after initially dropping on Wednesday, as we have turned around to show signs of strength. At this point in time, the market is continuing to go higher, and therefore I believe that we are going to go looking towards the 4700 level, as this has been such a nice, strong move. All things being equal, we are more than likely in the midst of some kind of “Santa Claus rally”, so I do think that we have further to go. If we can break above the 4700 level, then it is very possible that we continue to go much higher. In that general scenario, I do not see any reason why you would short this market. I think the market continues to look strong, despite the fact that recently we had some issues. Nonetheless, this is a market that you cannot sell because it is not designed to fall.

S&P 500 Video 23.12.21

The 4500 level underneath should be significant support, right along with the uptrend line. That being said, any dip at this point in time will be a buying opportunity, but quite frankly think this is a market that continues to go much higher. This noisy behavior that we are seen as of late has been a lot of choppy volatility, but there is nothing on this chart that suggests that we are going to start falling from here. If we did break down below the 4500 level, might be a buyer of puts, but that is about as negative as I will get with this market. Look for value on short-term charts, and then take advantage of it.

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