S&P 500 Weekly Price Forecast – Stock markets continue to press Higher

The S&P 500 has shown quite a bit of resiliency after falling initially during the week. However, we turned around to form a reasonably positive candle, and then the market broke above the 2900 level on Friday. That of course helps quite a bit, and I believe that the market runs into a significant resistance all the way to the 2940 level. However, this is a market that I think will continue to be very volatile. J.P. Morgan announcing a better than expected earnings report on Friday certainly has helped the outlook as well.

S&P 500 Video 15.04.19

We are obviously in a very bullish run, and as a matter of business is very difficult to kill a bull. That being said, we could get a bit of a pullback, but that pullback should offer plenty of support and the 2790 handle. The 2790 handle being broken to the downside would change a lot of things, but quite frankly I don’t think that happens anytime soon. I like pullbacks as value, as I believe we are trying to build up enough momentum to finally break out to the upside. Once we do clear the 2940 handle I think will then go looking towards the 3000 level over the longer-term.

This is going to come down to whether or not earnings are good, but quite frankly they have surprise for some time and of course the Federal Reserve is stepping on the sidelines so liquidity and the potential of good earnings should continue to lift markets longer-term.

Please let us know what you think in the comments below