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S&P 500 Price Forecast – Stock Markets Have Pulled Back Yet Again

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Christopher Lewis
·1 min read
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The S&P 500 fell significantly during the trading session to reach down towards the 3850 level early, but at this point it is likely that the market is going to continue to see a little bit of heavy action above, as we have gotten a bit extended. Ultimately, I think that the market is going to go looking towards the 4000 level over the longer term, but that does not necessarily mean that we are going to get there overnight. I think this is a market that will continue to be very noisy, and difficult to hang onto at times. However, you clearly cannot be a seller for any length of time so if market starts to falter a bit, I more likely to buy puts in the options market on something like SPY instead of trying to get short of the index.

S&P 500 Video 23.02.21

The 50 day EMA currently sits just below the 3800 level, and I think that will probably cause a lot of support. After that, we have the uptrend line as well, and that of course is also crucial. I believe that longer-term traders will continue to look at dips as value, mainly due to all of the stimulus that is coming but we also need to pay attention to the 10 year note, as interest rates have been rising recently. While not necessarily a death sentence for the stock market, it certainly causes quite a bit of a portfolio rebalancing and that might be part of what we are seeing in the index.

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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