S&P 500 Price Forecast – Stock Markets Continue to Press Highs
The S&P 500 initially tried to rally during the trading session on Tuesday but have given back the gains a bit during midday trading as it looks like we are trying to build up enough momentum to finally break out. At this point in time though, it does not look very likely that we are simply going to bust through there, it is easily. At this point in time, the market should find plenty of buyers underneath, especially near the 20 day EMA which is currently closer to the 3325 handle.
That being said, I do not have any interest in shorting this market and I think that pullbacks will offer plenty of buying opportunities. The alternate scenario of course is that we break above the 3400 level and form an impulsive candlestick closes well above it. If that happens, then I believe that the S&P 500 will continue to go higher towards the 3500 level.
S&P 500 Video 19.08.20
Underneath, we also have the 50 day EMA that is sitting at the 3200 level, which of course is a large, round, psychologically significant figure. Ultimately, this is a market that I think offers plenty of buying opportunities as we go forward, but all things being equal we are in a nice uptrend and therefore there is no need to fight it. As far as selling is concerned, I do not have any interest in doing so anytime soon, and I would need to see the 3000 level taken out to the downside before I would start to form that these is. In other words, I remain bullish even though we may be getting just slightly stretched in the short term.
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This article was originally posted on FX Empire
