S&P 500 Price Forecast – Stock markets continue to run into resistance

The S&P 500 has rallied a bit during the trading session on Friday, as we continue to see buyers but quite frankly we may be running out of steam here. At this point, if we can break above the Friday candlestick that would be an extraordinarily bullish sign. It would almost guarantee a move towards the 3000 level, which has been the longer-term target for a lot of pundits. Overall, I think that short-term pullbacks will continue to be buying opportunities, as the market is most obviously in a very bullish trend.

S&P 500 Video 25.06.19

To the downside, I believe that the 2900 level should be massive support, and perhaps the “floor” in this market. That extends down to the 2880 handle, so if we were to break down below that level it’s very unlikely that the market would find buyers in the short term. I think between here and there though it’s very likely that we will find plenty of buyers so this pullback is probably going to be a buying opportunity given enough time and therefore I think that if you are patient enough you can probably have value in the market.

If we were to turn around and break above the 3000 level, the market could very well take off to unimaginable highs at this point. The biggest probably have though is that the Russell and many of the other secondary markets don’t look as strong as the S&P 500 has.

Please let us know what you think in the comments below

This article was originally posted on FX Empire

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