S&P 500 Price Forecast – Stock markets rally on Thursday

The S&P 500 has broken back above the 3000 level at the 11 o’clock hour in New York, suggesting that we are going to continue to consolidate overall. This makes sense, because we have the jobs figures coming out on Friday that will have a great effect on the markets. All things being equal, I believe that the 2950 level has shown itself to be supportive, and of course an area that should be paid great attention to as it has a gap and of course the 50 day EMA. Now that we have shown a proclivity to bounce from here, I think this gives us a “hard floor” to look at in this market, as we look to move further to the upside.

S&P 500 Video 02.08.19

Speaking of the upside, if we can make a fresh, new high, then I believe that the market is probably going to go looking towards the 3050 level above. After that, I think the market goes looking towards the 3100 level. Short-term pullbacks should be buying opportunities, and therefore we look to value to take advantage of. That’s exactly what happened on Thursday, and it’s very likely to happen on Friday as well. Ultimately, to the upside I believe that the market is looking, so therefore there’s no reason to fight that. Overall, I believe that the market will be very noisy, but ultimately this is a market that is being liquefied by cheap money, and it should continue to be sold going forward. With all of this, I believe that the participants will continue to look for value.

Please let us know what you think in the comments below