S&P 500 Price Forecast – Stock markets take breather on Tuesday

Stock markets gave back some of the gains during the day on Tuesday as we are trying to catch her breath after breaking out. At this point in time, the S&P 500 will be any different, as we are probably going to need to pullback to find buyers.
Christopher Lewis
S&P 500 daily chart, April 03, 2019

The S&P 500 went back and forth during the trading session on Tuesday, giving back early gains as we continue to see a lot of choppiness in this market. We certainly have a stronger trend to the upside then down, so I do believe that it’s only a matter time before we get to that area. Overall, I think that the market has a massive support below the 2790 level, but I also think there is plenty of support at the 2825 level, and possibly at the 2840 handle above there as well.

S&P 500 Video 03.04.19

I believe this point we are probably looking for the 2900 level to be hit as a target, and very likely we will see a reaction to that large, psychologically significant figure. Overall, the market has recently had a “golden cross”, as well – meaning that longer-term traders have recently started to put money to work as well. Overall, I believe that buying dips continues to serve you best, and you should think of those as potential value opportunities.

It will be volatile, as it has been for some time but as you can see we continue to make “higher highs”, but if we do pull back from here it’s very likely that we will had made a less bullish high, which in and of itself tells us that we are getting a bit overdone at this point. Looking at this chart, I believe that intraday buying the dips is going to be by far the easiest thing to do.

Please let us know what you think in the comments below

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