S&P 500 Price Forecast March 15, 2018, Technical Analysis

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Updated: Mar 15, 2018, 05:45 UTC

The S&P 500 has broken down significantly during the trading session on Wednesday, slicing through a one-hour trendline. The market has recently broken through a daily trendline as well, so it looks likely that the 2800 level is going to continue to be very difficult.

The S&P 500 has broken down during the trading session on Monday, breaking through one-hour trendline. However, I think that the most important thing to pay attention to is the fact that we had formed a shooting star the daily chart, and then rolled over after that. It now looks as if we are ready to continue to go lower. Especially considering how lackluster the market has been during the trading session on Wednesday. I think the 2800 level will continue to be very difficult, and I think that the level being broken to the upside would be extraordinarily explosive, and I think we would go higher.

S&P 500 Video 15.03.18

I think the volatility continues, but I think that the market is probably going to go looking towards 2700 initially, and then perhaps down to the 2650 level. Given enough time, I do think the buyers come back and pick up value when it appears. Once that value appears, I think that it will bring a lot of money back into the market. Ultimately, I am bullish, but I also recognize that perhaps the market has gotten ahead of itself as of late. I anticipate that we probably have a couple of days of negativity, followed by a resumption of the attempts to break out to fresh, new highs. In general, I think you should keep your position size a little small, sends the market can jump around rather drastically and seems to be willing to do so.

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About the Author

Christopher Lewisauthor

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.