S&P 500 Price Forecast – Stock Markets Continue To Press FigureThe S&P 500 has rallied slightly during the trading session on Wednesday after gapping lower. We continue to fight with a major round figure, so obviously this is a market that is going to continue to be very choppy.
The S&P 500 initially gapped lower to kick off the trading session on Wednesday, but then rallied to break towards the 3200 level. This was the target based upon the ascending triangle that we had broken out of, now that we reach that level it looks as if the market is struggling to get above there. We are heading towards the holiday now though, so it’s very likely that we will struggle for volume and as a result it’s very likely that the market is going to continue to be one that we will probably look for pullbacks in order to start buying. I certainly would be a seller of this market, because it is most definitely strong.
S&P 500 Video 19.12.19
The 50 day EMA underneath is at the 3100 level, and it’s likely that the market will continue to see a lot of interest in that area. If we were to break down below the 50 day EMA, the market then goes looking towards the 3050 level and of course the 3030 level and that of course the 3000 handle. Ultimately, this is a market that should continue to find plenty of value hunters, and longer-term investors. Ultimately, this is a market that simply cannot be shorted, because it is so bullish longer term. Ultimately, I am very bullish this market, but I also recognize that we are bit overextended so look for value going forward. Ultimately, the Federal Reserve continues to be supportive of the markets, and at the end of the day that’s all that truly matters.