S&P 500 Price Forecast – Stock markets scream to the upside

The US stock markets rallied rather significantly during early trading on Tuesday as we continue to see a lot of bullish pressure to the upside. That being said, there are some major areas of resistance just above.
Christopher Lewis
S&P 500 daily chart, April 24, 2019

The S&P 500 broke out to the upside during the trading session on Tuesday, finally clearing the little range that we had been in. By the time noon rolled around, the S&P 500 E-mini contract was trading 18 points higher. Overall, this is a market that faces a lot of resistance just above but with US new-home sales climbing 4.5% in the month of March, perhaps that helped. Short-term pullbacks should continue to find buyers based upon what we have seen as of late, as this is most certainly a major break out for short-term traders.

S&P 500 Video 24.04.19

However, we do have a lot of resistance above near the 2950 handle, and I think it’s going to take a significant amount of momentum to finally clear that area. Once we do, the market could go much higher, perhaps reaching all the way to the 3000 handle, which has been a longer-term target for a lot of analysts out there. The overall attitude of the market has been bullish for some time, but now that we are in the middle of earnings season, it’s very likely that we could get the final boost necessary.

The stock markets have been so strong that it has driven a lot of money into the US dollar, which ironically could work against the stock market in the longer-term. It’ll be interesting to see what happens going forward but at this point it’s obvious that the buyers are very much in control, as selling is all but impossible anytime soon.

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