S&P 500 Price Forecast – S&P 500 Threatening All-time Highs

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The S&P 500 has initially tried to rally in overnight electronic trading but seems to be stalling near the 4700 level. That being said, we are threatening the all-time highs, so that something that should be paid close attention to. If we can break above the 4743 level, then the market will be free to go much higher. At this point, it certainly looks as if that is the most likely of outcomes, but that does not necessarily mean that it happens overnight. I think short-term pullbacks continue to be buying opportunities, as the “Santa Claus rally” continues to be one of the main things.

S&P 500 Video 09.12.21

Omicron fears grabbed all of the headlines last week, but as more information about the variant is released, it appears that it is no more dangerous than any of the other ones. Because of this, it does make a certain amount of sense that the market has a bit of a relief rally after that panic. The 50 day EMA currently sits at the 4775 handle and is curling higher. It is also a trendline underneath there that could come into the picture, so all things being equal I think this is a market that should continue to see buyers.

If we were to break down, it is not really until we get below the 40 to 50 level that I would be concerned. That is a far cry from where we are, so I think at this point in time you have to look at this through the prism of whether or not the market is offering value at the moment.

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