S&P 500 Price Forecast – Buyers Return to Wall Street
The S&P 500 has rallied again during the course of the trading session on Tuesday as we continue to see plenty of momentum heading into the market. Furthermore, you should also keep in mind that we are in the midst of earnings season and so far, it has been good. With that being the case, the S&P 500 will continue to be a beneficiary and go looking towards the recent all-time highs. In fact, you can even make an argument for a bit of an inverted head and shoulders that kicked off a couple of days ago.
S&P 500 Video 20.10.21
I do not see any situation where we are more than likely going to be able to short this market, so in that environment it is only a matter of time before buyers come back in on short-term dips, because quite frankly that is what this market does, rallies on dips. The Federal Reserve will continue to liquefy the market and of course bonds do not offer enough in the way of real returns in order to divert flow out of stocks and into treasuries.
I believe that the 50 day EMA underneath should continue to offer plenty of support, which currently sits at the 4400 level. The 4400 level of course is an area that has attracted attention previously, so there are a lot of things going on at the same time that could come into play there. I like buying dips, and I like adding onto positions as a workout in my favor. All-time highs are yet again on the table.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
