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S&P 500 Price Forecast – Stock Markets Pulled Back Slightly After Gapping Higher

Stock markets gapped a little bit to open up the trading session on Thursday, but then found a bit of resistance near the highs again. By doing so, it shows that we are still going to struggle, but all things being equal it’s very likely that we continue to go higher.
Christopher Lewis
S&P 500 Price Forecast - Stock Markets Pulled Back Slightly After Gapping Higher

The S&P 500 gapped higher to kick off the trading session on Thursday, reaching much higher only to turn around and fail. At this point, the market looks like it is ready to go back and forth and perhaps pull back a bit in order to find value underneath. At this point, the market looks as if it is ready to go higher given enough time, but I think that a pullback towards the 3150 level should attract enough attention for buyers to get involved considering that the 50 day EMA is slicing through there, and of course it was the previous resistance barrier. That being said, it should offer plenty of value and interest by traders to go long.

S&P 500 Video 03.01.20

At this point in time, this is a market that is very bullish, but perhaps we need to get a little bit of profit-taking going and positioning done to kick off the year. With this, causes a lot of fluctuations in the E-mini contract, and therefore it will more than likely cause a bit of a pullback. Nonetheless, think about its value and take advantage of it. As far as a pullback is concerned, I have no interest in trying to short this market as it is so obviously bullish. Alternately, the market breaking above to a fresh, new high could also send markets as high as 3300 in the short term, aiming towards the longer-term target of 3500 or so.

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