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

The S&P 500 has rallied ever so slightly during the trading session on Thursday as we continue to see a major hesitation for bigger moves, but we are still drifting higher in general and therefore I think we should go looking towards the 4500 level which of course is the large figure that a lot of people will be paying attention to on the way higher. If we were to break down from here, I think the 4400 level will be very supportive, just as the 50 day EMA and the uptrend line will be underneath.

S&P 500 Video 13.08.21

If we were to break through all of that, then it is likely that the 4200 level underneath would be supportive as well, after that, the market could go looking towards the 4000 level, which is a large, round, psychologically significant figure as well, especially as the 200 day EMA approaches it. That being said, I think it is much more likely that we go higher than lower, and dips will continue to be bought into as they offer value in a market that has been so strong for so long.

Keep in mind that we are in the slowest time of year, so it makes quite a bit of sense that we would see a real lackluster move more than anything else. Interest rates in America rising have not dampen bullishness, but all of that being said it is likely that the market will continue to see a lot of back and forth and short-term trading more than anything else. While I am bullish, I also recognize that the upside is probably a bit limited.

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