S&P 500 Weekly Price Forecast – Stock Markets Chop Back And Forth In Volatile Week

The S&P 500 has seen a significant amount of volatility during the week, as we continue to see geopolitical issues cause major problems. The Americans killed an Iranian general so that of course cause chaos but we have seen a nice come back. Because of this, it’s very likely that we should continue to go much higher, but we may get a short-term pullback in order to build up the necessary momentum. Traders come back to work on Monday from the holidays, so it’ll be interesting to see how this plays out.

S&P 500 Video 06.01.20

This being said, I do like the idea looking at pullbacks as a potential buying opportunity given the fact that the market will find plenty of areas of support underneath based upon historical action. The 3000 level of course will be crucial, but I also recognize the 3100 and the 3150 level as a couple of potential areas of support as well, not to mention the 3200 level which offered support during the Friday trading session. Because of this, I don’t have any interest in shorting this market and I think that simply being patient enough to look for value is probably the way to go, which is something that quite frankly could have been said for months now as the trend continues. The trend continues until it ends, although very simplistic way to look at the market, it is most certainly the fact of how the market operates. It doesn’t mean we will get the occasional pullback, but those pullbacks should be an opportunity to pick up a little bit of value.

This article was originally posted on FX Empire


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