S&P 500 Price Forecast – US Markets Gap Higher on Friday
The S&P 500 has gapped higher to kick off the trading session on Friday, and then shot towards the 3930 level by midday. This is a market that has been bullish for some time and quite frankly you cannot be a seller anytime soon. The hammer that formed during the trading session on Thursday was a good sign, and now looks like we are going to try to get towards the highs again, possibly even to the 4000 level given enough time.
S&P 500 Video 29.03.21
On the other hand, if we do pull back, I think there is plenty of support underneath that should continue to push this market higher. The 50 day EMA of course is crucial and attracts a lot of attention. Furthermore, the 3800 level underneath would be supportive as well, so at this point I think you continue to buy the dips and simply expect a lot of volatility going forward. One thing is for sure though, the volatility is short-lived and most of the time, as the VIX has been relatively stable and low. With that being the case, then I think it is only a matter of time before the buyers will feel comfortable enough to step in.
If and when we can finally break above the 4000 handle, then it is likely that the market goes much higher, perhaps reaching towards the 4100 level. At this point time, the market is going to continue to be bullish overall, but we have to squeeze through that resistance barrier and that would take a significant amount of momentum.
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