S&P 500 Price Forecast – S&P 500 Continues to See Lack of Interest

The S&P 500 initially rally during the trading session on Friday, reaching high enough to take back about 40% of the losses from the previous session at the open, and then turned right back around. It does look like the 3000 level is trying to offer support though, so at this point I am not necessarily thinking that we are going to suddenly meltdown. Furthermore, the 200 day EMA underneath should offer some psychological support so that could be a buying opportunity as well. Quite frankly, you have to be a bit cautious about the candlestick on Friday though, because it will be people going home for the week.

S&P 500 Video 15.06.20

That being said, we are still very much in an uptrend so one would have to think that it is only a matter of time before he recovered. As far as selling is concerned, we need to break down below the 200 day EMA on a daily close to have that conversation, and right now it is just not there. Yes, I think there are very volatile days ahead of us, as seen on Thursday but that does not necessarily mean that it is actionable information right away. Given enough time, it should be but right now it looks like we are simply trying to find some type of stability in what is obviously an extremely nervous market. We are sitting on top of significant support so I would anticipate that we will at least stabilize.

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