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

The S&P 500 initially fell during the week but found enough support underneath to keep this market going higher, quite frankly, this is a market that given enough time is probably going to find itself at the 8500 level. Short-term dips continue to offer buying opportunities as liquidity measures force money into the stock market. This is not necessarily a healthy look, but it is the same market that we have been dealing with for 13 years. With that in mind, I think it is only a matter of time before we not only reach the 4500 level but then the 46 level as the market tends to move in 200 point increments.

S&P 500 Video 09.08.21

With that being said, I like the idea of using this uptrend line underneath to keep the market afloat, but even if we break down below there, I think there is more than likely going to be buyers down at 4200 and then again at 4000. The 4000 level will feature the 50 week EMA by the time we get there, assuming we even do make that move. I have no scenario in which a willing to sell this market at this point, although we are certainly overdue for some type of major correction.

I think that we probably continue to be somewhat quiet as it is the month of August, and the August trading attitude is very lazy most of the time, as volume drops due to larger players being away at holiday. I anticipate that will continue to be the story here, but things could get very interesting in the month of September. With this, I am not expecting fireworks but more or less a grind higher.

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