S&P 500 Price Forecast – Stock Markets Pressing Highs Yet Again

The S&P 500 has shown itself to be resilient, reaching towards the highs yet again but we still cannot seem to break out to the upside. With that being the case, the market looks as if it is going to eventually break out, but ultimately, we don’t have enough momentum to do so quite yet. These moves continue to show just how stingy and stubborn the buyers are going to be so eventually once we break out to a fresh, new high it’s likely that the inertia will have built up enough to send this market screaming towards the 3100 level as well.

S&P 500 Video 25.10.19

Pullbacks at this point should continue to find plenty of support underneath, especially at the 50-day EMA. The 2960 level is where we find the 50-day EMA and that’s the first major support level I see underneath. When looking at the last several days you can see that we have been squeezing higher, and it looks like we will probably eventually find enough momentum to go higher. One thing’s for sure, every time that we have pulled back, the buyers continue to return at higher levels. There is a larger ascending triangle be informed, which also suggests a big move to the upside. You can think of this market as a “beach ball being held under water”, as once it breaks the plane of water, the market will shoot straight up in the air much like a beach ball does when you do that.

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