S&P 500 Price Forecast – Stock Markets Continue to Wait on Stimulus

The S&P 500 initially pulled back during the trading session on Thursday, reaching down towards the crucial 3400 level again during the Globex session. We have seen buyers reenter the market in that area but quite frankly we have a couple of shooting stars proceeding this candlestick so what this tells me more than anything else is that the market is not ready to make a serious decision. We are obviously waiting for some type of news when it comes to the stimulus situation and of course a whole host of other issues. Whether or not Congressman Lisa stimulus probably will determine what we do in the stock market lease for the short term, but do not worry, somebody out there will bail Wall Street out as they have been doing for the last 12 years.

S&P 500 Video 23.10.20

Because of this, or you can do is buy the index on short-term pullbacks, perhaps near the 3400 level, or maybe even the 50 day EMA. The uptrend line underneath there also offers support, but the main take away here is that shorting the market is all but impossible. Because of this, you need to look for some type of value, and then wait for the latest narrative to come out of New York that stock market should go higher for a reason this, or reason that. I know it sounds cynical, but all one has to do is look at the markets for the last 15 years or so to see just how true that tends to be.

For a look at all of today’s economic events, check out our economic calendar.