S&P 500 Price Forecast – stock markets resilient on Friday

The S&P 500 did pull back slightly during the day on Friday, but in the end looks to be a bit resilient. The fact that we are stabilizing after having such significant gains during the day on Thursday tells me that the buyers are very comfortable at these levels. They don’t necessarily want to add to their positions going into the weekend, but with the headline flow that we have seen lately, that’s not a huge surprise. I believe that overall, we will continue to see buyers jump into this market on dips, and it should be said that the currency markets look as if they are going to start selling the US dollar again, even if it is only temporary. That might only be a temporary tailwind, but it is reason enough to think that the stock markets may see some positivity.

The 2820 level should offer plenty of support at this point, and quite frankly I’d be a bit surprised if we get down there without some type of negative headline coming out. Overall, I do like the look at this market, but I recognize that we may be looking at a very choppy situations over the next several days as the market is in what is traditionally one of the thinnest times of year as a lot of traders were away for vacation. I don’t have any interest in selling this market right now, at least not until we break down below the 2820 handle, and even then I’d have to think about it.

S&P 500 Video 20.08.18