S&P 500 Price Forecast – Stock markets gap higher to kick off week

The S&P 500 has gapped higher during the trading session on Monday, gone back and forth, and it seems like it isn’t quite ready to go anywhere. It looks as if we could get a short-term pullback to try to fill the gap and find buyers. The market could go down to the 2950 level, an area that should attract a lot of attention. I believe that the market is trying to go to the 3000 handle, but don’t quite have the momentum yet to get up to that area. Ultimately, I believe that that market level is too much for traders to ignore, and it has been the target for pundits for several months now.

S&P 500 Video 02.07.19

This of course doesn’t mean that we are going to go right there, for that matter it could take several weeks. Alternately, if we were to break down below the lows of the Friday session, then we probably go down to the 2900 level, perhaps even the 2880 level after that as it is a significant support zone. A break down below there could kick off a significant reversal in the overall direction of the market, but that is quite some way away. More than likely we are going to see a pullback and then an attempt to drive even higher as we have reached all-time highs but don’t seem to have the momentum to continue in the short term. Building up confidence is probably what we need to see.

Please let us know what you think in the comments below