S&P 500 Weekly Price Forecast – Stock Markets Pressing All-Time Highs

The S&P 500 has gone back and forth during the course of the week, pressing the 3400 level again. This is an all-time high, and it obviously would take a bit of effort to get above there. That being said, we have wiped out the entirety of the move higher from the coronavirus lows, and in quick order. The question now is whether or not we can continue to go higher?

S&P 500 Video 24.08.20

At this point, I would have to assume that we do, and I also recognize that there is a lot of support underneath. I see massive support at the 3200 level so I would be willing to step in and buy this market on that type of dip. The 3000 level of course is the next major support level from a longer-term standpoint, but quite frankly I think it is more likely that 3200 gets held up more than anything else. Otherwise, you would be looking for a breakout.

If we can break above the 3400 level, then it is very likely that the market will go looking towards the 3500 level, possibly even the 3600 level as this market tends to move in 200 point increments on the weekly timeframe. Nonetheless, I do not have any interest in shorting this market, at least not yet although I will be paying close attention to the US dollar and its effect on other markets in general. We have seen a surge back into the US dollar late in the week, changing the outlook for some affects pairs, at least at first blush.

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