S&P 500 Price Forecast – Stock Markets Quiet on Tuesday

The S&P 500 has gone back and forth during the trading session on Tuesday in a very tight range as stock traders are paying attention to a slew of potential landmines out there when it comes to financial markets. One of the biggest want of course is stimulus in the United States and whether or not we are going to get it. It does appear that Congress will eventually pass something, but it seems to be smaller than originally thought, so that may cause a little bit of a drag in the S&P 500 but ultimately the market is in an uptrend and not much has changed as far as that is concerned.

S&P 500 Video 09.12.20

All things being equal I think that this is a market that will find plenty of support underneath, especially at the 3600 level, as the market likes to pay attention to these big figures. Furthermore, we had seen a little bit of momentum pick up at that point, and I think we are starting to see the beginning of the so-called “Santa Claus rally” that happens almost every December. With that being the case, I think this is more than likely going to be a bit of a self-fulfilling prophecy this year, but it is not as if the market is going to suddenly take off to the upside. I think this is going to be more or less a grind higher and based upon the recent break out and the consolidation area that we have just broken out of, I think we are going to continue to see this market go higher, perhaps to the 4000 level. I think that is almost certainly going to be a story for next year though.

For a look at all of today’s economic events, check out our economic calendar.