S&P 500 Price Forecast – Stock Markets Await Federal Reserve

The S&P 500 has done very little during the trading session on Wednesday as the market is waiting for some type of decision to come out of the FOMC that they are either going to keep monetary policy loose for ages, or if they are looking to taper off of bond purchases. The Federal Reserve will do absolutely nothing to upset the stock market, so I find it very difficult to imagine a scenario where we sell off for anything more than a quick pullback. At this point, I believe that every time we drift a little bit lower, there will be plenty of value hunters out there trying to take advantage of this market.

S&P 500 Video 29.04.21

The 4100 level course offers a significant amount of support, but that is probably short-term at best. I believe that the 4100 level could be broken, but it is only going to open up an even bigger support level at the 4000 level which not only has a large psychological significance attached to it, but it also has a 50 day EMA and the gap that you can see on the chart. On the other hand, if we were to break above the 4200 level on a daily close that will open up the next move to the upside, which should be good for another 200 points or so based upon the proclivity of this market to move in those 200 point increments. That being said, the only thing that I cannot do here is short this market, so on simply looking for buying opportunities as we move along.

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