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S&P 500 Price Forecast – Stock Markets Continue to Look Bullish

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Christopher Lewis
·1 min read
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The S&P 500 has pulled back just a bit during the course of the trading session on Thursday but then turned around to show signs of strength again. By doing so, it shows that the market is still very much in an uptrend and it looks like we are ready to go looking towards the 4200 level. The 4200 level course will attract a certain amount of attention due to the fact that it is a large, round, psychologically significant figure, so it might take a little bit of effort to get through. However, if we break above that level, the market is likely to go much higher.

S&P 500 Video 23.04.21

At this point in time, short-term pullbacks should probably attract more buyers again, and therefore I think that the dips should continue to be looked at as potential value. The 4000 level underneath also has a gap just above it, so between the large, round, psychologically significant figure, and the gap, we should see plenty of buyers. Furthermore, the 50 day EMA is starting to reach towards that area as well. In general, this is a market that cannot be shorted, not only due to the fact that we are in the midst of earnings season, but the fact that people are starting to talk about the reopening economy. With this being the case, I do think that it is only a matter of time before we eventually break to the upside, especially with the central bank out there looking to lift asset prices under any circumstances.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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