S&P 500 Price Forecast – Stock Markets Take Missile Attack In Stride

The S&P 500 initially collapsed in the overnight session as Iranians launched over a dozen missiles at US bases in Iraq. However, the damage has been minimal and both sides have stepped back a bit from the tensions.
Christopher Lewis
S&P 500 Price Forecast - Stock Markets Take Missile Attack In Stride

The S&P 500 initially broke down during Asian electronic trading, as the Iranians launched over a dozen missiles at US forces in Iraq. However, as there was no real damage and since then the Iranians have suggested that they have “slapped America across the face”, but do not have any interest in escalating the situation, trading has calmed down and buyers have returned to the market. That being said, the market looks very likely to continue to show signs of bullish pressure, and it has shown that the 3200 level is most certainly an area where the buyers are interested in.

S&P 500 Video 09.01.20

Furthermore, the 3150 level underneath is the high that was broken through recently, and it should now offer support. The 50 day EMA is currently crossing that area, and at this point Trump has only levied more sanctions, so it’s very unlikely that we get some type of massive meltdown. Ultimately, this is an easing of tension and quite frankly isn’t much for traders to worry about as at least it isn’t a military operation. With that being the case, it’s very likely that the market will continue to celebrate and go much higher. To the upside, the 3300 level is still a target and I do believe this point we are going to eventually go looking towards the 3500 level. However, the next couple of days may be a bit quiet as we await the jobs figures on Friday which of course have a major influence on volatility. Ultimately, this is a market that still goes higher.

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