S&P 500 Price Forecast – Stock Markets Pullback
The S&P 500 has gapped lower to kick off the trading session for Thursday, turned around to fill the gap, and has fallen again. At this point I would like to see the market pullback so that we can find some value, because quite frankly the market has gotten ahead of itself and we are towards the top of the overall channel. That being said, I’m not looking to short this market rather I would like to see a buying opportunity underneath.
S&P 500 Video 22.11.19
The 50 day EMA is currently trading around the 3030 level, which is the top of the support “zone” that extends down to the 3000 handle. I like the idea of buying a bounce that I can take advantage of cheaper pricing. Quite frankly, the Federal Reserve is on the sidelines and will get out of the way of interfering in the bullish trend. It’s also obvious that they are willing to step into the market if things get bad, adding more stimulus and the market is essentially counting on cheap money yet again. This is been the pattern cents 2008, and I don’t see that changing anytime soon. With that being the case, even though the economy is a bit of a mixed bag globally, the first thing that you should pay attention to is the fact that stock markets have absolutely nothing to do with the economy. At this point, looking at the ascending triangle underneath, you can make an argument for a target of 3200 above. Ultimately, this is a market that is a little overbought but looking at a pullback as values the way to go going forward.
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