S&P 500 Price Forecast March 19, 2018, Technical Analysis

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Updated: Mar 17, 2018, 07:05 UTC

The S&P 500 and did very little during trading on Friday, as the market digested a lot of the noisy trading and headlines that we have seen lately. With this, I think that we are going to see volatility pick up, not drop. Currently, we are still very much in an uptrend, but suddenly trading has become a bit more difficult.

The S&P 500 has gone sideways overall during the trading session on Friday, hanging around the 2750 level. As I record this late during American trading, we are essentially unchanged. This is a market that continues to struggle to find buyers over the last couple of sessions, but longer-term we are still very much in an uptrend. Because of this, I prefer to buy this market when I get an opportunity. I think that the 2800 level above continues to be very resistive and should be thought of as the “ceiling” of the current trading range. If we can break above there, then the market more than likely will go looking towards the 2900 level.

S&P 500 Video 19.03.18

Beyond that, if we break down below the 2740 handle, I think at that point we will probably go down to 2725, followed by 2700. Again, I still prefer buying this market, so these dips should offer value. I think there is a lot of concern about trade wars out there, but until that happens it is simply speculation. In general, this is a market that should continue to find reasons to go higher, but perhaps we need to get through the next couple of weeks to get back to a stable uptrend. My longer-term target is still 3000, but I have to admit things could change very rapidly as we are starting to see a lot of concern out there.

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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.