S&P 500 Price Forecast – Stock Markets Do Little On WednesdayThe S&P 500 initially fell during trading on Wednesday but turned around just above the 3100 level to show signs of resiliency again. The 3100 level makes sense, it’s a large, round, psychologically significant figure.
The S&P 500 fell during the trading session on Wednesday initially as there were several reports coming out of China that the Chinese were in fact very unhappy about the United States Congress passing a resolution supporting the Hong Kong protesters. Beyond that, the resolution warned China against using physical violence and force against those protesters. As the Chinese were angered by this, the S&P 500 E-mini contract was sold off initially during Asian trading, but as you can see, we have turned around since then. This is because it was probably a bit of an overreaction as at the end of the day the resolution has no real teeth, meaning that at the end of the day it’s not really important.
S&P 500 Video 21.11.19
Looking at this chart, you can see that we have been in an uptrend for some time, and now it looks as if the market is going to continue to find buyers on dips, as we try to get above the previous resistance line that makes up the top of the overall channel. Furthermore, when I look at the ascending triangle underneath, it suggests to me that we are going to have a target of 3200, so I do believe eventually we will get there. That doesn’t mean that we have to get there tomorrow, but most certainly that is a target that a lot of people are looking at. With that in mind, buying pullbacks continues to be the way going forward in this market as it has been in an uptrend for some time, and has had plenty of reasons to sell off, yet has been ignoring them.
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