S&P 500 Price Forecast – S&P 500 bounces to kick off the week

The S&P 500 tried to rally a bit during the trading session on Monday and opened up strong. However, I think that this market will continue to suffer in general, as the technical damage done to the market was extreme last week. I anticipate that we will probably reach down towards the 100% Fibonacci retracement level, which is closer to the 2550 handle. Overall, if we do break above the 2700 level, then I think the market probably goes looking towards the 2750 level. I am a bit cautious about buying this market, because quite frankly there are far too many negative things going on out there.

S&P 500 Video 30.10.18

Expect a lot of volatility and don’t hang onto a trade for too long. I believe that the market breaking down below the 2550 handle would be catastrophic and should send this market much lower. As I record this video and write the article, it’s apparent that the buyers cannot hang onto the gains, and at this point I think short-term exhaustive candles are opportunities to start shorting this market. I’m a bit cautious about putting too money into work, and I think that caution is the better part of valor in this scenario. Be careful with your trading capital, because this is a market that could cost you a lot of it if you aren’t paying attention. Overall, I think that it’s difficult to buy this contract.