S&P 500 Price Forecast – Stock Markets Continue To Press Higher

The S&P 500 initially pulled back a bit during the trading session on Wednesday, as we continue to see a lot of choppiness. Were in the beginning of earning seasons so that of course will have its influence, but at this point the question then becomes whether or not we can continue to motor to the upside. The 3000 level of course has a certain amount of psychological importance attached to it, and unfortunately for the buyers, the resistance extends at least 25 points. In fact, these last 25 points could be much more difficult than the past 50.

S&P 500 Video 17.10.19

With that being said, I would believe that we are going to continue to get the occasional pullback that we can take advantage of for value, and the 50 day EMA underneath which is painted in red is all the way down to the 2950 level and makes a good proxy for the overall uptrend. As long as we can stay above there, I continue to buy dips. Otherwise, if we were to break down below that then we need to essentially “reset” as the market is in and uptrend, but quite frankly if we can’t break out to the upside rather soon, I don’t know what’s going to make it happen because earnings of course can be such a major influence as to where the index goes. That being the case, I am a buyer of dips but I’m not looking for anything big to happen anytime soon.

Please let us know what you think in the comments below