S&P 500 Price Forecast – S&P 500 noisy during Thursday session

The S&P 500 of course was very noisy during the trading session as we had the ECB rate decision and of course the press conference from that same central bank. It appears that the US stock markets as well as many other ones around the world like what they hear. · FX Empire

Christopher Lewis

Updated Thu, Jun 14, 2018, 11:16 PM

The S&P 500 has found quite a bit of volatility during the day on Thursday, as the European Central Bank stepped away from only part of its quantitative easing, cutting down from €30 billion-€15 billion a month. This continues to stimulate, and S&P 500 markets seem to like this. I believe that the market should eventually find plenty of reasons to go higher, if we can break above the 2800 level. This is an area that has been resistance in the past, so little bit of a pullback is in a huge surprise. Right now, on the short-term charts it looks as if the 2770 level underneath is going to be a bit supportive, and I think that the 2750 level is even more supportive.

Any type of bounce at this point should be a nice buying opportunity, as we try to build up enough momentum to break out to the upside. If we can clear the 2800 level, then the market is very likely to continue to reach towards the 2850 level next. Expect a lot of noise, but I think that as long as Wall Street gets its accommodative monetary policy on both sides of the Atlantic, as the Federal Reserve suggested that it was paying attention to markets yesterday, I think that eventually stock markets will continue to favor the upside longer-term. That doesn’t mean we won’t get pullbacks, but I think that those should be thought of as opportunities.