S&P 500 Weekly Price Forecast – Stock markets continue to grind higher

The S&P 500 has initially pulled back during the week, reaching towards the 2790 level, which is an area that has been massive support overall. At this point, as long as we can stay above there the market probably reaches towards the top of the candle stick from the previous week. At this point, the 2900 level above is a target as well, and I do think that there is plenty of support underneath us, so I like the idea of buying the market on dips, but perhaps off of the short-term charts. The 50 week moving average is closer to the 2720 handle, so that could be your bottom of the breakdown.

S&P 500 Video 01.04.19

Quite frankly, this market has rallied rather stringently for some time, exceeding expectations of most analysts, myself included. With that backdrop it’s hard to bet against a market that continues to find a reason to go higher. I like the idea of picking up value when it occurs, but I also quick to take profits when they’re available. I don’t expect an explosive move in the short term, but I think that eventually we will have to resolve a lot of the tension that’s in the market right now. Until then, expect a lot of short-term trading more than anything else but I deftly think that there is more of an upward bias in general. Until things change, it’s likely that the dips continue to be plenty of opportunities just waiting to happen.

Please let us know what you think in the comments below