S&P 500 Forecast Today 02/01: S&P 500 Edges Lower (Chart)

(MENAFN- Daily Forex)

• The S&P 500 has pulled back just a bit during the trading session to close out the year.
• All things being equal, this is a market that I think continues to see a lot of noisy behavior, but with this being the case, you have to look at a market like this as one that is going to end up being a buying opportunity on dips.

With that being the case, I'm very positive and very bullish on this market, but I also recognize that we are still trying to sort out the narrative to go higher. Momentum has been positive for quite some time, and with that being the case, I think you're just looking for an opportunity to get long again.

Top Regulated Brokers1 Get Started 74% of retail CFD accounts lose money Technical Support and Targets

I do believe that it is only a matter of time before we reach the 7,000 level. Even if we do break down significantly, we could see plenty of support at the 50-day EMA sitting right around the 6,800 level. Underneath that, then we have the 6,700 level followed by the 6,500 level, which I think is the floor in the market.

I do believe that the 7,000 level will offer a little bit of resistance, but if we can get above there, then I think you have a rush higher. I have no interest whatsoever in shorting this market. I do think that it's only a matter of time before we go much higher, and once the volume picks up, perhaps next week, as New Year's Day will be closed and Friday will be a shortened session, then we might see the buyers really taking off and pushing this market to the upside.

Ready to trade our stock market forecast and analysis? Here are the best CFD stocks brokers to choose from.

MENAFN02012026000131011023ID1110548710