S&P 500 Weekly Price Forecast – Stock Market Makes All-Time Highs

The S&P 500 rallied significantly during the week, breaking out yet again as we are now above 3050 in the S&P 500 E-mini contract. Now that we have broken out it looks as if the market is going to continue going higher, driving to much higher levels over the longer term.
Christopher Lewis
S&P 500 weekly chart, November 04, 2019

The S&P 500 rallied a bit during the training session on Friday to continue the bullish pressure that we’ve seen all week, breaking out to a fresh, new high. Ultimately, this is a market that should continue to go higher based upon not only based upon the economic figures, but the technical analysis over the last several weeks. We have formed an ascending triangle, and that ascending triangle measures for a move towards the 3200 level over the longer term. Ultimately, I do think that the market probably finds a way to get involved and drive much higher. I think that short-term pullback should continue to be thought of as value opportunities, as the market is obviously very bullish and continues to make “lower highs.” The 50 day EMA is just below the most recent pullback, which featured a couple of hammers, a very bullish sign.

S&P 500 Video 04.11.19

At this point, I have no interest in trying to short this market because there is so much in the way of bullish pressure, and of course earnings season has been relatively good. The Federal Reserve did exactly what people thought it would, and the employment numbers suggest that the American consumer is still going to be out there and spending a lot of money. That 70% of the US economy, so it makes sense that the market should continue to find plenty of reason to go higher, at least in the short term.

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