S&P 500 Weekly Price Forecast – Stock markets rally for the week

The S&P 500 has rallied significantly during the week, breaking above major resistance, showing that we are ready to go much higher. I like buying short-term pullbacks, and I believe that the longer-term attitude of this market is one that is starting to show extraordinary amount of strength. At this point, the 2900 level will be targeted, as it is a large, round, psychologically significant number.

S&P 500 Video 18.03.19

Pullbacks continue to offer value the people will be taken advantage of, and therefore I think that the 2750 level is essentially your “floor” at the moment. I like the idea of taking advantage of value as the market has rewarded it more than once over the last several months. If we can break above the 2900 level, then we are going to go to the 3000 level longer term, but it’s obviously going to take some time to get above there and a lot of momentum.

The US dollar could possibly start to soften again as most pundits think that the Federal Reserve sitting on the sidelines will continue to help stocks in general, as the liquidity will drive money on the bonds. Ultimately, I don’t see any downside in this market of significance until we break down below the 2700 level. A move below there would be extraordinarily negative and could send this market much lower. However, I give that about a 10% chance at the moment, it is very likely that we will be much higher over the next couple weeks than lower.

Please let us know what you think in the comments below