S&P 500 Weekly Price Forecast – Stock Markets Continue Slow Grind

Stock markets continue to grind in general, and this last week stock markets will continue to see a lot of back and forth action, and even though it was slightly negative for the week, it wasn’t exactly concerning.
Christopher Lewis
S&P 500 weekly chart, November 25, 2019

The S&P 500 pulled back just a bit during the week, showing signs of exhaustion but not enough to be overly concerned. Quite frankly, this is a market that continues to see a lot of choppy behavior but when you look at it from the prism of the long term, you can see that it is obviously bullish. Beyond that, this is typically a time a year we see a lot of “risk on” or the so-called “Santa Claus rally”, due to the fact that a lot of money managers are underperforming the marketplace and simply need to make some gains.

S&P 500 Video 25.11.19

The market has already probably priced in the so-called “Phase 1 deal” between the United States and China so I don’t necessarily think that it will cause a massive melt up, but it is possible. Pullbacks at this point should be looked at as buying opportunities, especially closer to the 3000 handle that extends all the way up to the 3030 level. Because of this, I think that pullback should be looked at as potential buying opportunities and not something to be feared. We are in a nice strong uptrend and have been for some time. This is exactly the type of market the people look back at and think of how easy it was going to be to make money, so you might as well do it while were here. Based upon the ascending triangle that we had broken out of at the 3030 handle, we should be looking towards the 3200 level for the longer-term target.

Please let us know what you think in the comments below

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.