Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Christopher Lewis
S&P 500 daily chart, May 29, 2019

The S&P 500 has recently been bouncing around this trendline, but the fact that we can’t hold gains for me is somewhat telling. I understand that there is a lot of support underneath, and I think that’s the only thing keeping this market afloat right now because it certainly isn’t anybody interested in buying this market. With that in mind I think that selling rallies probably works until we break above the 50 day EMA which is pictured in red on the chart. However, I don’t see an easy path lower either. If we were to break the 2800 level it could change things drastically but until then I think you might actually be better sitting on the sidelines instead of messing around with what looks like a very difficult marketplace to deal with.

S&P 500 Video 29.05.19

Low liquidity is still an issue, even after the holidays. The volume just simply as an area, as we await some type of news catalyst get the markets. With that, I suspect that we need some type of impulsive candle to tell us what the next move is. All things being equal it looks a lot like the sellers will probably prevail, but I don’t want to try to guess at a time and get hammered with unavoidable loss. My best advice is to simply sit on the sidelines and wait for a little bit of clarity, which is going to be difficult with everything that’s going on between the United States and China.

Know where the Market is headed? Take advantage now with 

75% of retail CFD investors lose money

Please let us know what you think in the comments below

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
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.