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S&P 500 Price Forecast – Stock Markets Continue to Grind Higher

Christopher Lewis
·2 min read

The S&P 500 initially pulled back a bit during the trading session on Friday, reaching down towards the 3450 level, before bouncing significantly as we have had a jobs number that was better than anticipated. At this point in time it is difficult to imagine what we are going to do next, simply because the market has no idea what to do about stimulus, let alone the US election results. Markets pulling back from here should offer value the people are willing to take advantage of, especially near the 50 day EMA and most certainly near the 3200 level. Underneath the 3200 level we have the 200 day EMA, which is a longer-term technical indicator the people pay attention to.

S&P 500 Video 09.11.20

If we break above the 3600 level, then it is likely that the market could go towards the 4000 handle, based upon the 400 point range that we are in. Ultimately though, the market is likely to see a lot of volatility but longer-term we will almost certainly breakout. At this point I like the idea of buying value when we get the opportunity, and certainly have no interest whatsoever in shorting this market as Wall Street will find some type of narrative to follow based upon a “risk on” type of scenario.

Do break down below the 200 day EMA, it is very likely that we will see the US dollar strengthen against other currencies. All things being equal, I think we are not out of the woods yet, but we are trying to build up some type of momentum to finally break out.

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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