S&P 500 Price Forecast – Stock Markets Continue to Push

Stock markets initially pulled back during the trading session on Tuesday but found enough buyers underneath the turn around and reach towards the top of the range. At this point, the market is trying to reach towards 3200 and quite frankly it seems as if the market has a real “buy on the dips” type of mentality.

S&P 500 Video 24.06.20

Do not be wrong, I do recognize that the S&P 500 is somewhat range bound but it should be noted that we have started to see a surge over the last 48 hours to the upside and it certainly looks as if the market is trying to break out. With that in mind I think that the 3200 level makes quite a bit of sense. Do not get me wrong, I do not think it is going to be easy to do and I would not be surprised at all to see a pullback. That pullback will probably end up being a buying opportunity as it is supported underneath, especially near the 3000 below there, we have the 50 day EMA and the 200 day EMA so I think at this point it is likely to see a bit of exhaustion in that area by the sellers and buyers will come back in and pick it up.

Quite frankly, the Federal Reserve is made it clear that they will do anything to keep this market afloat, and I think traders are going to react to that. Furthermore, you should keep in mind that indices are not built to go down, they are built to go higher over the longer term as they are not equal weighted. With that, it is always easier to buy then sell, but obviously we have a lot of work to do in this general vicinity.

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