S&P 500 Price Forecast – Stock Markets Testing Highs Yet Again

The S&P 500 has initially tried to crash through the top of the overall channel that we have been in during the day on Monday, but so far has not been able to get through it. Having said that, this is still a very bullish market, but the gap from the open will probably need to be filled. Keep in mind that this is a major holiday week in the United States, with Thursday being Thanksgiving Day. This means that Monday and Tuesday might be somewhat casually normal days, but after that the rest of the week is going to be very light. Volumes will shrink, and unless something significant happens, it’s difficult to imagine a scenario where there is a sudden rush to buy the S&P 500 E-mini futures.

S&P 500 Video 26.11.19

Looking underneath, I believe that the 3100 level will probably offer support and I’m not calling for some type of major meltdown. What I am calling for is a bit of a pullback, as we may have gotten a bit ahead of ourselves. If we were to break above the 3150 level, it’s likely that the market could go to the 3200 level based upon the ascending triangle underneath, and the fact that it targets that level. At this point, the market should continue to be thought of as bullish, but I recognize that a little bit of momentum building is probably necessary, and again, it’s going to be difficult to get a lot of traders to throw a ton of money into the market during the holiday.

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