S&P 500 Price Forecast – stock markets continue to grind higher

The S&P 500 captured the 2900 level during trading on Tuesday, which of course is a large come around, psychologically significant figure. I think at this point, we are probably looking at a market that is trying to find a reason to go higher, so dips should continue to offer buying opportunities. Ultimately, I think we will find plenty of reasons, because earnings were strong this time around. After all, that’s one of the biggest drivers of the S&P 500.

Market participants continue to be very skittish due to the trade war fears and the like, but at the end of the day the chart has consistently gone from the lower left to the upper right, which is really the only thing that matters. It looks as if the market is ready to continue to press the issue, so I think dips will offer the value that most traders are looking for. Are we a bit overextended at this point? Maybe. However, it looks as if the market is quite comfortable with this level, and there is the old saying that goes “never short a quiet market.” I think the market continues to grind towards the 3000 level, but it obviously will take some time to get there. I’m not concerned about the uptrend until we break down below the 2800 level below, which of course is 100 points from here, so that’s not happening anytime soon. The United States stock markets continue to be favored over other stock markets around the world in general, and I think that will continue to be the case.

S&P 500 Video 29.08.18