S&P 500 Price Forecast – Stock market rolls over after bad number

The S&P 500 has fallen again during trading on Friday, reaching down towards the 50 day EMA and the 200 day EMA just below. The 2725 area is where we are starting to see buyers come in and try to stabilize the market, which is an area that begins a significant cluster in the past. We are still in and uptrend regardless of what we have seen of the last couple of days, and although it has been a nice little pull back, it’s been just that: a pullback. The market certainly has been a bit stretched for a while, but that doesn’t necessarily mean that it has to break down significantly. A slow and gentle rollover makes a lot of sense to as we are seeing now. We are sitting just above the 50 day EMA, which of course will cause support as well.

S&P 500 Video 11.03.19

To the upside, we have the usual suspects: such as the 2800 level being massive resistance. I don’t know if we break above there in the short term, but clearly it looks as if a bounce would make a lot of sense. However, if we were to break down below the 2700 level, then we could unwind down to 2650 or so. On a positive note, after we got the initial selloff things seem to have calm down and markets are willing to stabilize in this general vicinity. All things being equal, that has to be thought of as a win in this situation.

Please let us know what you think in the comments below