S&P 500 Price Forecast – Stock markets choppy ahead of jobs figure

The S&P 500 went back and forth during the trading session on Thursday, as we continue to get close to the top. Ultimately, this is a market that is facing the 2900 level, an area that has melted down a bit. Beyond that, we have the jobs figures coming out on Friday that can move this market rather drastically, so it makes sense that a lot of people really are willing to put a lot of money and at the highs, and with a potential surprise coming out.

S&P 500 Video 05.04.19

That being said, it’s probably best to stay out of this market for the next 24 hours, because there is going to be a lot of machine based trading, and of course a lot of headlines that can make this market volatile to say the least. At this point, there’s probably more risk to the downside as it would take a major amount of momentum to make a break out, but it wouldn’t take much to scare traders out of the market and have them start closing out long positions. I suspect there’s probably more downside risk at the moment than up, but we are also in a very strong uptrend, so we may get a situation where we break down a bit and find support where we continue to the upside. The 2790 level underneath is the “floor” in the market currently. I expect plenty of volatility on Friday, but you need to let the dust settle before putting money to work.

Please let us know what you think in the comments below