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

The S&P 500 rallied a bit during the trading session on Thursday, breaking out to a fresh, new high again. Ultimately, this is a market that I think is going to go looking towards the 3300 level, an area that is of course a large, round, psychologically significant figure. If we can break above there, and I do think that we will, it’s likely that we go looking towards the 3500 level after that. Looking at this market, it’s obvious that we have a lot of noise in this market but more importantly we have a lot of bullish pressure.

S&P 500 Video 10.01.20

The 50 day EMA underneath is currently hanging around the 3150 level, which looks like it was previous resistance and it should now offer support. With the jobs number coming out it’s likely that any type of knee-jerk reaction to sell this market off will probably attract a lot of value hunters. After all, the trend doesn’t change in one announcement so look at pullbacks as an opportunity to take advantage of cheap pricing. The 3200 level would be the first level that should attract a lot of attention, so keep in mind that it would be an interesting place to start getting involved again. Quite frankly, it would take some type of disastrous number to change the trend, and at this point it probably would only strengthen it as then traders will start to look for the Federal Reserve to loosen monetary policy and push the market even higher. Selling isn’t an opportunity.

Please let us know what you think in the comments below