S&P 500 Price Forecast – Stock Markets Looking To Pullback

The S&P 500 has initially tried to push higher during the trading session on Tuesday but then gave back the gains as we may have gotten a bit overstretched. Because of this, the market is likely to go looking for value underneath.
Christopher Lewis
S&P 500 daily chart, November 06, 2019

The S&P 500 has initially tried to rally during the trading session on Tuesday but has given back quite a bit of the gains to turn things around and look a bit soft. At this point, the market looks likely to continue to go higher eventually bad as we had gotten a bit overextended, the market needs to reach lower for value. At this point, it looks as if the 3030 level will offer a bit of support, just as the 3000 level will after that. Quite frankly, the market has broken out pretty significantly, so I look at any pullback at this point as a buying opportunity. I suspect the rest of the market will as well.

S&P 500 Video 06.11.19

The 3100 level above could be causing a bit of nerves as well, as the market has stretched itself a bit. This offers a perfect opportunity to jump in the trade if you have missed it, and quite frankly most people have. The market has plenty of momentum underneath it, but like any other thing, it can’t go straight up in the air. The ascending triangle that has recently been broken out of course signifies that buyers are in control, and at this point we could be looking at a move towards the 3200 level. It will get there overnight, so look at short-term pullbacks as buying opportunities. In fact, I don’t even have a scenario right now that I would be looking to sell this market, because quite frankly it would take a significant turnaround to make that happen.

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