S&P 500 Price Forecast – Stock Markets Continue To Grind To The Upside
The S&P 500 continues to all-time highs, and it looks as if the jobs number may be on the mind to most traders. However, if there is some type of pullback due to the jobs number, that should be a buying opportunity. The 50 day EMA has clearly offered significant support recently, and at this point there’s no reason to think that it won’t on the next pullback. Furthermore, then that, the 3300 level could also offer plenty of support. I have a target of 3500 but quite frankly I didn’t think we were to get there this quick. With that in mind, 2020 is starting out much like a huge portion of 2019 behaved.
S&P 500 Video 07.02.20
Central banks continue to keep loose monetary policy, and as long as that’s going to be the case it’s very likely that the stock markets will behave accordingly. I do believe that buying on the dips continues to be the best way to deal with this marketplace, simply because there’s no other significant play that you can make with any type of certainty. The sentiment is certainly bullish, and the trend is most certainly up. As we continue to make fresh, new highs, selling this market is a fool’s errand although I am the first to admit that we will get the occasional significant pullback. Keep in mind that the jobs number will cause a lot of volatility in this market, but if it sells off it should be thought of as offering value.
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