S&P 500 Price Forecast – Stock markets rally to close out the week

The S&P 500 has shown significant strength, as it looks like we are ready to go towards the 2900 level yet again. This is a market that will continue to be very noisy but we are most certainly in a bullish run. Pullbacks at this point should continue to find support underneath at the 200 day EMA, pictured on the chart as blue. The 50 day EMA is getting ready to rally above there, which of course makes it a “golden cross”, which of course is very bullish. All things being equal, it looks as if the stock market is ready to continue going higher, and therefore I don’t have any interest in shorting.

S&P 500 Video 18.03.19

The 2800 level right now looks to be supportive, and therefore I think buying on the dips continues to make a lot of sense. This being the case, the market breaking to the upside should continue to be a reason to go higher. This is a market that has plenty of momentum on its side, and even though we have seen in extraordinarily massive move to the upside, it seems like we have more to go. The fact that we have just hung out just below major resistance for so long shows that the market is very comfortable at this area. Ultimately, we have just broken an area that had been tested five times and gave away. That is huge for the buyers going forward as it is such a bullish sign.

Please let us know what you think in the comments below