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

By:
Christopher Lewis
Published: Aug 13, 2021, 17:57 UTC

The S&P 500 has rallied a bit during the course of the trading week, as we continue to see a lot of bullish pressure overall. That being said, the market is likely to see more of the same action that we have seen for what seems like a lifetime.

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

The S&P 500 has pulled a bit higher during the trading session, as the market has now reached towards the 4460 level. After that, it is likely that the market goes looking towards the 4500 level, which is the next major figure to pay attention to. Ultimately, this is a market that I think will find reason enough to get bullish regardless of what happens next, as we are through the earnings season and of course the Federal Reserve will do everything it can to keep the market afloat. In fact, in a strange twist of irony, liquidity measures may be needed yet again despite the fact that the Federal Reserve is very loose with monetary policy.

S&P 500 Video 16.08.21

To the downside, I believe that the 4400 level is going to be significant support, but below there the 4200 level should continue to be paid close attention to as well, right along with the uptrend line that we currently have on the chart. Ultimately, I do think that this market will find plenty of buyers on dips and that has really been the best way to play this market for what is the better part of 13 years, look for buying opportunities on dips as “stocks only go up.” I hate saying that, but for the last several years that has essentially been true, as the Federal Reserve has kept monetary policy so loose that essentially money is forced into riskier assets such as equities, and I do not see that changing.

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

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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