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S&P 500 Price Forecast – Stock Markets Pulled Back Slightly To Start The Week

Stock markets initially pulled back to start off the week, as traders are dealing with the fact that Donald Trump suggests he has not made up his mind about rolling back tariffs against the Chinese.
Christopher Lewis
S&P 500 daily chart, November 12, 2019

The S&P 500 was trading on thinner volume than usual, as it was Veterans Day in the United States. That being said, the main driving factor was the fact that Donald Trump has suggested that he hasn’t determine whether or not he wants to roll back tariffs against the Chinese quite yet. If that’s the case, then more US/China headlines are more than likely going to be a major issue in this market.

S&P 500 Video 12.11.19

To the downside there are plenty of support levels though, so I believe that when this market pulls back, it should offer nice buying opportunities at a multitude of areas. For example, I believe that the 3050 level should be a nice opportunity, just as the 3030 level is, and then eventually the 3000 level itself. If we can reach down to that area, we will then be testing the 50 day EMA, which of course attracts a lot of attention as well. Ultimately, this is a market that should continue to see a lot of choppiness, and we will get the occasional pullback. That being said the reality is that the market is very much in an uptrend and that has not changed. With that in mind I do prefer to buy on dips instead of trying to short this market in get cute ahead of any type of pullback. Longer-term, the previous ascending triangle measures for a move to 3200 and I do believe that we get there, but obviously the market probably needs to find a bit of value on a pullback.

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