S&P 500 Price Forecast – Stock markets continue to show strengthThe S&P 500 has rallied a bit during the trading session on Friday, testing the highs again. This is a market that I think continues to show bullish momentum, and at this point I think it’s likely that short-term pullbacks will be bought.
The S&P 500 has rallied a bit during the trading session on Friday, reaching towards the highs again. At this point, it looks as if the market is becoming more and more comfortable for the 3000 level. That’s an area that will attract a lot of attention, because quite frankly these big “Century levels” tend to be major events.
S&P 500 Video 29.07.19
At this point, I think there’s plenty of support underneath, sitting at the 3000 level but not only just that that handle, but there is also a major gap near the 2950 handle that shows intense strength. The 50 day EMA is approaching that level, and therefore I think that will continue to hold regardless. That Hasn’t been filled though, so we could get a short-term pullback. We are in an uptrend, so we need to continue to look towards that direction. I think that we drop value hunters will come in and pick up this market.
With the Federal Reserve looking likely to cut interest rates, it’s more likely that the stock markets rally than fall, although heading into the weekend I don’t know how much risk people will be willing to take on. Nonetheless, I have no interest in shorting this market at least not until we break down below the 50 day EMA, something that seems to be very unlikely to happen in the near term. Expect volatility, but ultimately expect buyers to come in and pick up this contract when he gets cheap.
Please let us know what you think in the comments below