S&P 500 Price Forecasts – S&P 500 Threatens All-Time Highs
The S&P 500 initially attempted to recover in electronic trading overnight, but appears to be stagnating near the 4700 level. That being said, we are threatening all-time highs, so this is something to pay close attention to. . If we can break through the 4743 level then the market will be free to go much higher. At this point, it certainly looks like this is the most likely outcome, but that doesn’t necessarily mean it happens overnight. I think short term pullbacks continue to be buying opportunities, as the âSanta Gatheringâ continues to be one of the main things.
S&P 500 video 09.12.21
Omicron’s fears grabbed the headlines last week, but as more information about the variant comes out, it looks like it’s no more dangerous than the rest. For this reason, it makes perfect sense for the market to have some relief after this panic. The 50-day EMA currently sits at the handle of 4,775 and is on the rise. It’s also a trendline below that could come into play so all things being equal I think this is a market that should continue to see buyers.
If we were to crack, it’s really only when we get below level 40-50 that I would be worried. It’s nowhere near where we are, so I think at this point you have to look at this through the lens of whether or not the market is offering value at the moment.
For an overview of all of today’s economic events, check out our economic calendar.
This article originally appeared on FX Empire