S&P 500 Price Forecast – S&P 500 captures all-time highs

The S&P 500 rallied significantly on Tuesday right out of the gate, but started to give up some of the gains of the 2870 handle. I think that we will eventually find buyers on dips though, and that the 2860 level should be support, at most certainly followed by the 2850 level. I certainly would short this market, but at this point it would be nice to get a bit more confirmation than what I have seen initially.

Perhaps this is due to the trade war fears, currency concerns, or a host of other issues. This just doesn’t seem that exciting to me, and therefore I am a bit suspicious at this point. Regardless, you don’t want to “short a quiet market”, which is what this is ironically, even at these highs. I believe at this point it’s likely that we will get a short-term pullback followed by more buying. Obviously, headlines coming out of the European Union, China, or President Trump could all move this market drastically.

It appears that corporate earnings are being focused on, which of course had been good for the earnings season. That’s a nice break from the headline driven insanity that the machines have put us through over the last several years. I believe that we are going to go looking towards the 2900 level, and then eventually the 3000 level, but we have a lot of work to do to get there.

S&P 500 Video 22.08.18