S&P 500 Price Forecast – S&P 500 continues to chop around awaiting jobs number

The S&P 500 it continues to be very noisy overall, with the CFD markets showing signs of jittery and nervous. The 2700 level underneath continues offer significant support, while the 2740 level above continues to be resistance. I believe that the area between 2740 and 2750 will be massive resistance. If we can break above the 2750 level, the market could continue to go much higher, perhaps reaching towards the 2780 handle. I believe that the 2700 level underneath is massive support, and I think that the buyers will continue to jump into this market at that level. However, the jobs number could create a shock, so keep that in mind.

Market participants continue to be cautious, and of course with the expected reaction by the Chinese of further trade restrictions and tariffs against the Americans today, it’s likely that we will see a lot of nervous trading. I think given enough time though, market participants will continue to go back and forth so therefore I think looking at a stochastic oscillator or some type of range bound type of indicator. I think that the market will probably find itself being relatively unchanged by the end of the day, because I think there are so many different moving pieces right now that it’s good to be difficult for some market participants to put a lot of money to work. However, it should be noticed that 2700 has been extraordinarily resilient for support.

S&P 500 Video 06.07.18