S&P 500 Price Forecast – Stock Market Slams Into Resistance Again
The S&P 500 immediately recovered on Monday as we climbed back to the 3600 level. This is an area that has been very resilient lately so it's no big surprise to see we pulled out of there around noon. If all things are the same, the S&P 500 should continue to rise in the longer term, but we might be a bit over the top at this point.
S & P 500 Video 11/24/20
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On top of that, it's also worth noting that we are in a week with shortened holidays, so it makes perfect sense that we are seeing poor performance, as many traders will generally just be on the sidelines. At this point, I believe that pullbacks continue to offer buying opportunities as we are on an uptrend and should continue to do so in the future. After all, there's a ton of cheap money out there that people are going to take advantage of, and every time this market sells for an extended period of time, the Federal Reserve will step in to protect everyone. This is the only thing the market can rely on: government and central bank intervention when things go bad. Unfortunately, that kills pricing, but it is what it is.
If we can break above the 3620 handle, we'll be looking towards the heights again, but I think that's probably asking a lot right now. With that in mind, I believe that it is only a matter of time before dips are bought and so this market simply has to be viewed as one that should be bought occasionally and is showing signs of support. Pay attention to the US dollar, it tends to have an inverse correlation.
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This article was originally published on FX Empire
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