S&P 500 Price Forecast – S&P 500 continues to find resiliency
The S&P 500 has shown a significant amount of resiliency during the trading session on Friday, as we initially dipped a lower, but we continue to buy the dips that American futures traders put out. It looks as if the market is ready to continue going higher, but we need to make a fresh, new high to show enough resiliency for me to put money to work. I believe that the 2770 level underneath offers a significant amount of support, and I think that the demand and that area will continue to push this market until we finally do get the break out that we are looking for.
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I recognize that things may be noisy due to the Sino-American trade war, but at this end there is no complete damage done yet, and there’s nothing here they can’t be worked through. I believe that given enough time we will continue to see these markets show real wherewithal, and of course part of this is driven by the fact that the US economy is one of the better performing ones out there. If we were to turn around and break down below the 27 seven handle, I see even more support at the 2740 level. Because of this, I like the idea of buying these dips, and I have a couple of major areas to pay attention to if they appear. Otherwise, I’m simply buying the break out. The key take away here: I’m not selling.