S&P 500 Price Forecast – Stock markets reached towards the highs

The S&P 500 went back and forth during early trading on Friday which of course was “quadruple witching”, which is one of the worst days to trade anyway. That being the case, we are at the extreme highs of the longer-term market so it makes sense that we are going to struggle. We may get a bit of a pullback, as we fizzle out at all-time highs. I think at this point it’s very likely that the market will continue to see noisy reactions as we have the Buenos Aires talks around the corner and obviously things will be hinging on rumors.

S&P 500 Video 24.06.19

At this point, I think we are very likely to see a bit of a pullback but that pullback should be thought of as a buying opportunity as the most important thing in the world is the Federal Reserve and not necessarily the economy. If the Federal Reserve is willing to be loose, Wall Street will buy stocks as bond simply won’t offer any type of return as far as yield is concerned. To the upside I think that we will go looking towards the 3000 handle, just as the 2900 level underneath should be supported. At this point, buying the dips continues to work but I would not hang onto a position for any real length of time.

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