S&P 500 Price Forecast – The S&P 500 Looking for Buyers

The S&P 500 has fallen a bit during the course of the trading session on Tuesday, but as you can see the 4650 level has offered a little bit of support. At this point, I think we are simply trying to kill some time before we continue to go higher, as the “Santa Claus rally” should continue to be a major influence on this market. After all, there are plenty of money managers out there that are still trying to make up losses or at least catch up to the benchmark that they are measured against. More likely than not, every dip will be bought between now and the end of the year, as this phenomenon is fairly well-known.

S&P 500 Video 24.11.21

Even if we do break down from here, the 4600 level should be supportive, especially as the 50 day EMA is racing towards that level. To the upside, the shooting star from the session on Monday will be resistive, but I think it is only a matter of time before we break through that and go looking towards the 4800 level. Longer-term, I believe that this market is going to go looking towards the 5000 level over the longer term. We have been in an uptrend for quite some time, and I do not see that changing anytime soon. In fact, I think that is almost a bit of a foregone conclusion that we need to test that major figure. All things been equal, I remain a “buy on the dips” type of trader, just as a lot of people have been over the last 13 years.

For a look at all of today’s economic events, check out our economic calendar.