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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.

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