S&P 500 Price Forecast – stock markets bounced softly

The S&P 500 reached towards the 2750 level before finding sellers again, so I think that if we can stay below there, it’s likely that the market will probably reach towards the 2700 level. That’s an area that should be supportive as well, but if we were to break down below there then I think it’s only a matter of time before we reach towards the lows again at the 2600 level. Quite frankly, I think there is far too much in the way of concern out there to think that the markets can give the “all clear signal.” That being the case I am a seller on a break below the bottom of the candle stick for Tuesday, and certainly think that there are plenty of bearish pressure is out there to keep this market soft.

S&P 500 Video 14.11.18

Beyond that, the 50 day EMA is just above and sloping lower, so it suggests to me that were probably going to see plenty of resistance there as well. I don’t like the idea of trying to get too cute with this market, it’s obviously broken down significantly and there is a serious lack of confidence right now. I’m looking for selling opportunities only, but if we were to clear the 50 day EMA, then I might be convinced to start buying but that needs to be on a daily close at the very least. Ultimately, this is a market that should continue to be extraordinarily volatile.