S&P 500 Price Forecast – S&P 500 Continues to Find Support at Same Level

The S&P 500 traders will cup to massive losses on Monday morning, but as you can see there has been a concerted effort to push higher. We are sitting right on top of massive support in the structure of the market, and even though the market has dipped below the 3000 level it is worth noting that the cash market has recaptured that rather early in the day. By doing so, it shows that we are trying to take off to the upside again, perhaps finding some type of range right around the 3000 handle. I believe at this point we are likely to see a lot of noise, but at the end of the day we have to settle a lot of different questions.

S&P 500 Video 16.06.20

The S&P 500 has to tackle with the idea of an increase in coronavirus cases in various parts of the United States, and of course whether or not earnings are going to be reasonable. At this point, I believe that the market is likely to see a lot of trading noise, and quite frankly I would not put too much money to work but it certainly looks as if the rally is to continue, this is roughly where you would expect to see it. We have a large, round, psychologically significant figure, we have the 50 day EMA, and of course we have the 200 day EMA. With all of that being said, the market can recapture this area, it is likely that we will revisit the 3200 level given enough time. Considering all of the liquidity out there, it would not be a huge surprise.

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