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05 Oct, Wednesday
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Bull Trader USA

S&P 500 Weekly Price Forecast – S&P 500 Reaching All-time Highs Again

The S&P 500 initially fell during the week, but then turned around to show signs of life again after it bounced off of a significant trend line and the crucial 4500 level. By bouncing the way we have, it suggests that the market has further to go, and that it is only a matter of time before we reach towards the 4800 level. Furthermore, I think we probably go looking towards 5000 early next year, but the next week or so probably is going to be very thin, so I would not expect huge moves although I would anticipate that they would be positive in general.

You can see this trend line has been very reliable going back and entire year, so I am using that as a gauge as to whether or not I am close to a value zone or not. Either way, I do not have any interest in shorting this market, but if we did break down below the 4500 level, might be willing to buy puts, but it certainly would not short this market as indices are not built to be sold. They are not equally weighted, so they are designed to go higher over the longer term. We have seen a little bit of consolidation as of late, but it certainly looks as if the buyers are getting much more aggressive in trying to keep this market afloat, so I think that it is probably only a matter of time before the buyers overwhelm the sellers and we continue to go much higher. Longer-term, I think 5000 is a very realistic target, maybe towards the end of January.

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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