S&P 500 Price Forecast – stock markets await Jerome Powell and G 20

The S&P 500 has shown a lot of volatility going into the Jerome Powell speech during the day on Wednesday, and quite frankly we are starting to come up against major resistance in the form of the 2700 level. Beyond that, the 2750 level of the net selling opportunity as the 50 day EMA is presently hanging about that psychologically important level as well. Quite frankly, and less Jerome Powell comes out and specifically says that interest rate hikes are coming slower than originally thought, I don’t think the market is going to get the sugar high that it’s hoping for.

S&P 500 Video 29.11.18

John that, there’s also the possibility that the G 20 meeting produces nothing between the Americans and the Chinese, which I think is the reality. We may get some platitudes and some nice words stated, but quite frankly that’s about it. If we do get some type of framework for positivity moving forward in the Sino-American relations, then we could see an opportunity to rally and risk appetite related markets around the world. Overall, I am bearish because I think that there are far too many things out there that could cause issues. If we do rally, I wouldn’t be very confident until we get above the 50 day EMA on a daily close, because it would show a complete change in attitude overall.