S&P 500 Price Forecast – Stock Markets Continue Sideways

The stock markets did very little during the trading session on Friday to in the week, but at this high level that’s actually a good sign. It’s possible that the market may simply kill time instead of pullback, both of which should send this market higher.
Christopher Lewis
S&P 500 daily chart, November 25, 2019

The S&P 500 has gone back and forth during the trading session on Friday, as the market simply has nowhere to be. That being said, the market is just above the crucial 3100 level and it’s very likely that the area will continue to offer support, and most certainly the hammers from a couple of weeks ago that were pressing up against the 3100 level should offer quite a bit of support as well. I don’t like the idea of shorting this market because of that supportive area and of course the fact that we have been in a big uptrend for quite some time.

S&P 500 Video 25.11.19

Even if we were to break down, I believe that the 3030 level is the beginning of significant support down to the 3000 handle, which I have as the “floor” in the leg higher that we are in. For what it’s worth, that is the area where we broke out of to bust out to the upside and kick off the ascending triangle. The ascending triangle underneath should open the door to the 3200 level, and that is my target longer-term. That doesn’t mean we get there overnight, but with earnings season going on and of course a whole plethora of trade headlines, it’s likely that this will be more of a chop fest on the way to that target. Ultimately, this is a market that is one that you can buy on dips, but I would do so cautiously and with minimal size.

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

Latest Articles

See All

Expand Your Knowledge

See All
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.