S&P 500 Price Forecast – S&P 500 pulls back during Thursday session

The S&P 500 fell during the Thursday session, breaking down towards the 2800 level. There is a significant amount of support underneath there though, and I think it’s only a matter of time before we should find buyers looking for value.
Christopher Lewis
S & P 500 daily chart, July 20, 2018

Another day, another drama. With less than impressive price action, the markets fell a bit during the trading session to open up the day on Thursday, reaching towards the 2800 level. I see a significant amount of support down to the 2790 level though, and we are most certainly still in and uptrend. Because of this, I think what we are looking at is an opportunity to buy the S&P 500 at a lower level. Because of this, I am likely going to be a buyer on a bounce or some type of supportive candle. For what it’s worth, even if we break down below 2790, I think there’s even more support at the 2770 handle. Longer-term, I still believe that this market will probably go looking towards the 3000 level, but the strengthening US dollar isn’t helping.

I don’t have any interest in shorting, I am simply looking for places to pick up value. I believe that the market has shown its resiliency to be quite remarkable, so it’ll be interesting to see if we can finally break through the highs and go higher as that’s an area of supply from what I can see. At that point, then the initial target will be 2880, and then 2900. Longer-term, perhaps by the end of the year even, we may see 3000 but obviously the easy days of trading the stock market and the futures are over. As far as selling is concerned, like I said I have no interest in doing so but I would have to rethink things at 2740.

S&P 500 Video 20.07.18

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.