S&P 500 Price Forecast – Stock Markets Continue to See Bullish Pressure

The S&P 500 has rallied again during the trading session on Friday to continue going back and forth. At this point it is likely that we will see a lot of noise in general, but as we are an earnings season that should be something that helps traders. Buying dips, that is all the world seems to be doing now so at this point in time that is how you have to trade. There is also a gap from the Wednesday session that continues to hold support, so I think it is only a matter of time before we get enough buying pressure to send this market back up in the air. Once we break out above the highs of the last couple of sessions, then it is likely we go looking towards the gap that sits near the 3375 region. Above there, then we had all-time highs.

S&P 500 Video 20.07.20

To the downside, it is likely that we will continue to see a lot of buying pressure underneath there near the 3100 level, possibly the 50 day EMA as well. The 3000 level is also an area that will attract a lot of attention due to the fact that it is a large, round, psychologically significant figure and of course the 200 day EMA sits right around there as well. Overall, the market seems to be looking for reason to go higher, so I think it is only a matter of time before we do. Buying on the dips continues to work in this market.

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