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S&P 500 Price Forecast – Stock Markets Relatively Quiet On Friday

Stock markets pulled back slightly during the day on Friday after the jobs report came out, although probably not as a reaction to the jobs report as it was essentially decent. Profit-taking is probably the best way to put it.
Christopher Lewis
S&P 500 Price Forecast - Stock Markets Relatively Quiet On Friday

The S&P 500 has pulled back just a bit during the trading session on Friday, as the market had reached all-time highs. Going into the weekend, it makes quite a bit of sense that traders would be looking to take some profit, and more importantly take money out of the market as headlines of the weekends news flow could be rather drastic. There are a lot of concerns about China obviously, but at this point I like the idea of buying pullbacks as this market is so strong. I don’t have any interest in shorting this market, because quite frankly the United States is the “only game in town.” With a stronger GDP than the rest of the G 10, it makes sense that money continues to flow into the US as it’s where growth is found.

S&P 500 Video 10.02.20

The 50 day EMA is walking right along this uptrend line that I have marked on the chart as well, so that obviously should help from a technical analysis standpoint. I like the idea of buying dips and taking advantage of value as it occurs. I have no interest in shorting this market, and at this point wouldn’t even consider doing so until we were below the 200 day EMA which is currently trading at the 3050 level. This is a market that seen an explosive move during the week, and now we have seen to candlesticks that show a bit of sluggish behavior but think about it: the Thursday candle was an all-time high and the day before Non-Farm Payrolls, and of course Friday is the end of the week. That in and of itself would be reasons to get out of the market.

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