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S&P 500 Weekly Price Forecast – Stock Markets Recover Drastically For The Week

The S&P 500 broke down significantly during the week, reaching down towards the 3075 level before bouncing significantly to form a massive hammer. At this point in time, it’s likely that the market will continue to go much higher.
Christopher Lewis
S&P 500 Weekly Price Forecast - Stock Markets Recover Drastically For The Week

The S&P 500 spent most of the week following but has turned around to form a massive hammer. The hammer of course is a bullish sign and it now looks as if we could really start to take off to the upside. The so-called “Santa Claus rally” seem to be in full effect, and as the employment figures on Friday were so strong, it suggests that we should continue to see more of a “risk on” type of scenario. If we get movement in the so-called “Phase 1 deal” between the United States and China, that would also have people buying stocks hand over fist.

S&P 500 Video 09.12.19

We also know that the Federal Reserve is on the sidelines and won’t have anything to do with tightly and monetary policy. Overall, dips will continue to be buying opportunities, as the 3030 level is the beginning of support that extends down to the 3000 handle. Based upon the ascending triangle underneath, there was a target of 3200 above, and there is absolutely nothing that suggests that we can’t get there. In fact, we are very likely to go above there given enough time. At this point, the only thing that is going to derail this situation is if we get more bad news between the Americans and the Chinese, which unfortunately is a very real possibility. This breakdown has essentially tested the top of the consolidation triangle, so it looks like we are ready to go higher. At this point, selling isn’t even a possibility.

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