S&P 500 Price Forecast – Stock Markets Quiet On Tuesday

The S&P 500 did very little during the trading session on Tuesday, as markets continue to wait for the next move by the Iranians. That of course will have ramifications for the markets, but ultimately the markets are bullish, so having said that it’s almost impossible to try to short this market. Looking at this chart, we are a bit overextended so I think at this point it makes quite a bit of sense that we would see the market try to take a bit of a break. Nonetheless, it is still a bullish stock market and the thing that move stock markets more than anything else will be Federal Reserve monetary policy. That’s been the case for a decade in that isn’t going to change now.

S&P 500 Video 08.01.20

Pullbacks at the 3200 level could make quite a bit of sense, and there should be plenty of buyers in that area. Ultimately, the market was to break out to the upside, the market probably goes much higher. To the downside, if we do break down below the 3200 level the market is likely to go looking towards the 3150 handle. That is where the most recent resistance barrier had been broken, and of course we have the 50 day EMA crossing that level right now. Because of this, it’s likely that the market will eventually find buyers based upon value propositions on dips. I have no interest in shorting this market, it’s far too bullish to try to get cute to that extent. Even with the Iranians situation, not much has changed.

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