S&P 500 Price Forecast – stock markets quiet through quadruple witching

The S&P 500 went sideways during the trading session on Friday, as markets continue to digest the massive gains that we had seen over the last couple of days. With the quadruple witching going on in the options world, it makes sense that the markets were relatively quiet because quite frankly who would want to be involved in that potential mess? As we roll into the weekend, it makes sense that traders were simply content with their gains and were ready to go home flat. That’s typical on most Fridays, let alone one of these Fridays.

Overall though, I think a pullback could come and if it does it should bring out value hunters near the 2920 level. Looking at this chart, I also recognize that the 2910 and 2900 levels should both be very important. In general, I believe that this market should continue to be one that offers value on dips, and I think that a lot of traders are going to continue to look at it that way. Quite frankly, with all of the things that are going on around the world, if we can’t knock the S&P 500 down quite yet, one that trade this market would have to think that there are plenty of people willing to buy on dips, so that should skew you to the upside. If we did break down below the 2900 level, then I think it would be a very negative sign. I think that we are trying to get to the 3000 level and will by the end of the year.

S&P 500 Video 24.09.18