S&P 500 Price Forecast – Stock markets pressing major highs awaiting Federal Reserve

The S&P 500 has gone back and forth during the trading session on Wednesday, reaching above the 3000 handle during the day. Having said that, it looks as if the market is trying to break out, and if we can break above the top of the range for the Wednesday session, the market should continue to go higher.

S&P 500 Video 11.07.19

If you look at the chart, you can see I have a purple rectangle underneath at the 2950 handle. This is an area that features a gap, but more importantly it is the previous resistance barrier and all-time high that should offer support. I like the idea of buying short-term pullbacks, and therefore taking advantage of dips. This is a market that has been extraordinarily bullish, so therefore I think that the upward momentum continues. Overall, I think that the market will eventually not only break out above the 3000 handle, but it will probably go higher than that. At that point, the 3050 level would be the target, perhaps even the 3100 level after that.

If we were to break down below the 2950 handle, the market is likely to go down towards the 2900 level, where the 50 day EMA crosses the 2900 level as well. Overall, I like the idea of buying value when it shows up, which I look at as any significant dip. Expect a lot of volatility over the next couple of days but it certainly looks strong and therefore I do believe it’s only a matter time before we reach higher.

Please let us know what you think in the comments below