S&P 500 Weekly Price Forecast – stock markets continue to show strength

The S&P 500 initially fell during the week but continues to find support as we bounced back above the 2900 level, forming a bullish looking candle with high-volume by the end of the week. · FX Empire

Christopher Lewis

Updated Fri, Sep 21, 2018, 11:22 PM

The S&P 500 continues to find buyers at dips, as the uptrend line has held true, and of course it looks as if the 2900 level continues offer a buying opportunity for those who are willing to take it. I think that overall, the market should continue to go higher, as the markets seem to be hell-bent on going to the 3000 level. The uptrend line offer support as well, so this point I think this is a “buy on the dips” type of situation. We have made a fresh, new high, so to me it’s obvious that the buyers will continue to look at this market as one that should grind higher. I don’t see any reason to sell this market from a longer-term perspective, at least not until we were to break down below the uptrend line. If we did, then we could drop to the 2800 level rather quickly.

I believe at this point, you should be looking for value and adding to a winning position. If you are playing the futures market, obviously there is a lot of volatility in this market, and as a result it’s likely that the position swings will be nausea inducing. However, if you can play the CFD market or even use an ETF, you can take advantage of these dips in small increments and mitigate some of your risk. Either way, an upward and bullish environment is what I expect to see over the next several weeks, but pullbacks can and will happen.