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S&P 500 Weekly Price Forecast – Stock Markets Continue To Rocket Higher

The S&P 500 has shot higher during the week, breaking above the 3200 level as the Santa Claus rally continues to be in full effect. With that in mind, we probably have a little further to go.
Christopher Lewis
S&P 500 Weekly Price Forecast - Stock Markets Continue To Rocket Higher
financial graph on technology abstract background

The S&P 500 has rallied significantly during the week, a break above the 3200 level. Ultimately, the market is breaking out to fresh, new highs and it looks as if we will continue to rally into the end of the year. Short-term pullback should be thought of as buying opportunities as money managers are chasing performance at the end of the year to placate clients. Ultimately, this is a market that should continue to be very bullish due to the fact that a lot of people have a lot of ground to make of at the end of the year. Furthermore, we are in an uptrend anyway and had recently broken above the top of an ascending triangle that measures for a move to at least the 3200 level if not the 3230 level.

S&P 500 Video 23.12.19

There are a lot of people calling for 3050 out there and I do think that that probably gets done between now and the end of the year, perhaps even higher than that. Regardless, I don’t have any interest in shorting this market even if we do pullback somewhat. A pullback will offer value the people will be willing to take advantage of, and therefore it’s likely that there should be plenty of support all the way back down to the 3000 handle. All things being equal the 50 week EMA should come into play as well, so at this point I think this should be more of the same going into the new year. I have no interest in shorting this market or any other stock market in the United States.

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