S&P 500 Price Forecast – Stock Markets Continue to Press to The Upside

The S&P 500 initially pulled back just a bit during the trading session on Friday before the jobs number came out. After the United States announced that it had added 559,000 jobs for the previous month, the markets rally due to the fact that people were worried about the Federal Reserve having to taper quantitative easing after a whisper number of 1 million jobs added. Ultimately, cheap money is what the stock traders on Wall Street one, so it looks as if now that we have gotten past the jobs number, people will start to buy the S&P 500 again.

S&P 500 Video 07.06.21

We still need to see whether or not we can break above the recent all-time highs, but if we do then it is very likely that we see the market looking towards the 4400 level at the S&P 500 does tend to move in 200 point increments. Because of this, I like the idea of buying this market, but I also recognize it could be rather choppy, so keep in mind that the market is probably one you are going to have to “grit your teeth” and hold onto. I have no interest in shorting, the 50 day EMA underneath should continue to be massive support as well.

All things being equal, the 4000 level underneath is the “floor the market”, and I think also offer support not only from a psychological standpoint but also the fact that the gap sits right there as well. In general, this is a market that you cannot short anytime soon as we are still very much in a massive uptrend.

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