S&P 500 Price Forecast – S&P 500 volatile to kick off Wednesday session

The S&P 500 is trying to break out to the upside, there’s no doubt about that. However, there are a lot of concerns around the world right now and that of course weighs upon the S&P 500. Paramount in the mind of traders will be the US/China trade relations, which are getting worse by the day. However, it looks as if the buyers are hell-bent on sending this market higher. The 2910 level looks to be supportive, probably extending down to about 2907. That being said, the markets are a bit contained, because the currency markets aren’t helping either, with the US dollar being a bit stubborn when it comes to softening.

Overall, I think that the clearest signal of buying would be if we can break above the 2918 handle, which will almost certainly send this market on its next leg up. However, the last 24 hours had seen a massive rally and then some sideways consolidation at the highs, which makes sense as with so many problems around the world, it’s difficult to be massively bullish. If we do break down below the lows of the session on Wednesday, then I think the 2900 level is probably where you see a lot of fresh buying come into support the market. At this point, buying the dips probably makes the most sense, but I would be very small in my position initially and only add after I’ve been proven correctly as headlines across the wires almost daily that through the markets into a tizzy.

S&P 500 Video 20.09.18