S&P 500 Price Forecast – Stock Markets Run Into Resistance And Highs

The S&P 500 has rallied a bit during the trading session on Tuesday but gave back the gains as we broke out of the of trending channel. It’s Thanksgiving weekend, so it’s difficult to imagine that a lot of volume is going to jump into this market and send it much higher. At this point, it’s likely that we get a bit of a pullback. At this point, the 3100 level underneath will continue to offer support, and not only that we have the gap underneath that could offer a buying opportunity as well. As we drift into the Thanksgiving Day holiday, it’s difficult to imagine that this market is going to continue to go much higher. I think a pullback will help anyway, so I’ll be looking for buying opportunities.

S&P 500 Video 27.11.19

Underneath the 3100 level is the 50 day EMA which is closer to the 3050 level, and then the 3000 level after that would be massive support. At this point, the market should continue to grind its way higher, but we need to find some value at this point. At this point in time, the market is likely to offer plenty of opportunities, but perhaps not at this higher level. That being said, if we were to break above the high from the trading session on Tuesday, then it’s possible that the market should continue to go higher. With that, I would be much more cautious though. Look for volume on a pullback, that should give your heads up for buying.

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