S&P 500 Price Forecast – S&P 500 Continues to Dance Along 50 Day EMA

S&P 500 Price Forecast – S&P 500 Continues to Dance Along 50 Day EMA

Oops!Something went wrong.Please try again later.Christopher LewisJune 18, 2021, 10:44 AM·2 min readOops!Something went wrong.Please try again later.

The S&P 500 has fallen significantly during the course of the trading session on Friday as traders are a bit concerned about the Federal Reserve tightening monetary policy down the road. However, what is even more interesting is the fact that it is “quadruple witching” on Friday, and therefore it is likely that we will see a lot of noisy behavior towards the end of the session. Nonetheless, this is a market that cannot be sold despite the fact that it is very negative in general. With that being said, I think what we have is a “buy on the dips” type of market, because a strong argument can be made for an overreaction.

S&P 500 Video 21.06.21

Looking at this chart, if we do break down below the 50 day EMA it is likely that 4100 would be targeted by support, just as the 4000 level will be with a massive gap there. Nonetheless, this looks to be more or less a simple pullback more than anything else, despite the fact that there is a lot of drama crossing the headlines. I do not