S&P 500 Price Forecast – Stock Markets Pull Back From Highs

The S&P 500 initially tried to rally during the trading session on Friday but then pulled back a bit as we may have gotten a bit ahead of ourselves. After all, the massive turnaround on Wednesday will have had a lot of exhaustion into the market, and now it looks like we are going to limp into the weekend. Yes, the jobs number was a little bit disappointing, but it wasn’t horrible and therefore it should have the market reeling too much. Beyond that, if the jobs number gets worse into the future, it’s very likely that the Federal Reserve will come in and protect the market anyway.

S&P 500 Video 13.01.20

If we get a pullback, and I do think that’s a possibility, we should see plenty of support at the 3200 level. By the time we get there, barring it being some type of major selloff and knee-jerk reaction, there should be a 50 day EMA cross at that point, showing support even more so. The market turning around here would then start reaching towards the 3300 level. If we can break above there, then the market is likely to go to the 3500 level. The S&P 500 has been in an uptrend for quite some time, and now that traders are coming back from the holiday on Monday, this market should pick up quite a bit of volume and continue to grind to the upside. The next couple of days could be choppy as people do a bit of positioning, but ultimately, we are in an uptrend.

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