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

The S&P 500 of course continues to go higher as we have seen a massive inflow of money into the stock market recently. As we are now above the 3500 level, the next target will be 3550, followed by 3600. At this point, we could very well get there in the next couple of days. That being said, you should also keep in mind that Friday is the jobs number so that has a certain effect on the markets as well.

S&P 500 Video 03.09.20

A pullback, we could see a certain amount of support near the 3500 level that will probably attract a lot of attention, as it is a large figure. That had been the longer-term target of a lot of Wall Street analysts for the year, and now that we are above there it clearly shows that we are still on fire when it comes to equity markets. That being said, I do not have any interest in short positions, but I do recognize that we are getting a bit stretched. As long as the Federal Reserve is going to step in and protect the markets, it is very likely that liquidity measures will continue to force cash into the S&P 500, as well as many other indices like the NASDAQ 100 and Russell 2000.

To the upside, I do believe that the 3600 level will cause a significant amount of resistance, but I would have to be honest here and suggest that we are more than likely going to see a lot of testing at this level before it breaks out. Given enough time, I am a buyer of all dips.

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