S&P 500 Price Forecast – Stock Markets Make New Highs

The S&P 500 rallied a bit during the trading session on Friday, making new fresh highs, as we continue to see a lot of bullish pressure in general. Now that the market is above the 3050 level, it is free to go much higher. The 3030 level underneath should be support, extending down to the 3000 handle. Overall, this is a market that should continue to see buyers on dips, as we have broken above the most recent highs and more importantly the most recent resistance. Ultimately, I like the idea of picking up dips, and I think that as long as we stay above the 3000 handle, we are very likely to continue grinding to the upside.

S&P 500 Video 04.11.19

Based upon the ascending triangle, it looks as if the market could go as high as 3200, as the market continues to suggest that we are going to be going higher, perhaps reaching towards the 3200 level. At this point, I look at dips as value and therefore it should make good trading opportunities from a intraday standpoint. Overall, the market is starting to see more momentum and that of course is crucial. This being the case, the market will continue to see a lot of volatility, but all things being equal, things look very positive and therefore I don’t have any interest in shorting as the momentum has changed and started shooting to the upside.

Please let us know what you think in the comments below