FxWirePro Short-term Call: Prepare to buy S&P500 targeting 2940

In February, in an article, named, “FxWirePro: S&P500 likely to reach new record high if support at 2530 holds”, available at https://www.econotimes.com/FxWirePro-SP500-likely-to-reach-new-record-high-if-support-at-2530-holds-1166341 we suggested that while we have turned bearish on European stocks as they look wobbly, that is not that case for North American stocks. Unlike the European bourses, the American benchmarks have the support of recently passed tax cuts and reforms, as well as an accelerating economy. In that piece, we suggested that as long as the support around 2530 holds, S&P500 is likely to hit a new record high and reach 2920 area.

And, in a follow-up call review, https://www.econotimes.com/FxWirePro-Call-Review-SP500-target-revised-higher-to-3120-1170838 we extended the 2920 target to 3120 area, as long as the above-mentioned support holds.

Recently, there has been selling in the index, which we believe presents an entry opportunity for the short-term bulls. We expect the index to rise again and test the 2940 area. The 2800 area should represent entry opportunity