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Christopher Lewis
S&P 500 Price Forecast - Stock Markets Stagnate Ahead Of Crucial Weekend

The S&P 500 did almost nothing during the trading session on Tuesday as we await the December 15 deadline for tariffs against the Chinese. The question now is whether or not there is some type of an agreement or at the very least the way of tariffs coming down the road. I fully anticipate that there could be a bit of a knee-jerk reaction to tariffs being announced, but after the algorithms have their way with the markets, humans will probably come in to pick up value as quite frankly tariffs have not made much of a difference so far, and it’s difficult to imagine they will suddenly teach Americans not to live beyond their means. The American consumer will do what they always do, and that is buy things.

S&P 500 Video 11.12.19

With this, I fully anticipate that a short-term pullback next week could offer a nice buying opportunity based upon the fact that there is simply no other alternative at this point. Yields are low, and therefore if you’re looking for a return on your investment stocks have been the only thing to do at this point. The 50-day EMA underneath is a likely support barrier, just as the 200 day EMA most certainly will be. The ascending triangle that we broke out of previously measures for a move to 3200, and there’s nothing on this chart the tells me we can get there. I believe we will get there by the end of the year, to look at any pullback as a nice opportunity to pick up part of the “Santa Claus rally” that almost always happens. I remain optimistic but I also recognize that pullback is probably coming.

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