S&P 500 Price Forecast – Stock market futures quiet during Holiday

The S&P 500 rallied slightly during Asian trading, but beyond that we haven’t done much. As we await the jobs figures, it makes quite a bit of sense that we need to see those before the market can make a more significant decision. That comes out at 830 in the morning New York time, so between now and then it’s very likely to be very quiet. In fact, electronic trading is halted for several hours in the process, so quite frankly there just won’t be movement.

S&P 500 Video 05.07.19

Looking at this chart, it’s obviously very bullish, and it appears that the 2950 level underneath is massive support. If that holds, then I think it’s only a matter time before we finally get that momentum. Once that momentum is unleashed, we could be looking at 50 points rather quickly as the 3000 level will of course attract a lot of attention. If we do break above that level, it’s very likely that we will see a new rush of money if we can stay above there for any significant amount of time, it should continue to go much higher.

If we were to break down below the 2950 handle, that would be very negative sign and turn of events, probably sending this market lower to look at the 50 day EMA. That is a major technical signal, so obviously a lot of people will be paying attention to it. It is turned up, so longer-term traders continue to look at this as a strong uptrend.

Please let us know what you think in the comments below