S&P 500 Price Forecast – S&P 500 rebounds on Thursday

The S&P 500 rallied rather significantly in premarket trading, perhaps predicated more on the Chinese coming to the United States than anything else, as it could signal that the global tensions of the trade war may be fading a bit. If that’s the case, that should help the S&P 500, but quite frankly we have had so many other issues going on that people are a bit leery at these lofty levels. From a technical analysis point of view, the 2840 region is very important, and certainly looks to be very resistive. Because of this, I believe that we are going to have to be very careful here. However, if we can break above the 2842 level, the market could rally rather significantly. If that’s the case, I’m looking for a move to the 2850 level next. However, there are so many moving pieces out there, including Turkey, trade wars, geopolitical concerns, and the like that it would not surprise me at all to see this market struggle to break out. Pay attention to the 2842 it will be the key going forward. If we do break down from here, I would expect buyers to come back in near the 2820 level, as it would keep the range alive from previous trading. However, I think the only thing you can truly count on is a lot of noise in this market and a significant amount of choppiness based upon headlines.

S&P 500 Video 17.08.18