S&P 500 Price Forecast – Stock Markets Continue To Churn

Stock markets in the United States did very little during the trading session on Tuesday as there is very little in the way of news to get things moving. We continue to pay attention to the US/China trade situation, but quite frankly at this point most people are just sitting around and waiting.
Christopher Lewis
S&P 500 daily chart, November 20, 2019

The S&P 500 continues to see a lot of back and forth trading, as we are overextended to say the least. We did drift a little bit lower to kick off the day, but it was nothing worth being concerned about. As we are at the highest, and more importantly the top of the channel, it’s not a huge surprise to see this market do almost nothing. It is simply running out of momentum. All things being equal, the market looks as if a pullback is probably coming, but that pullback should be thought of as a buying opportunity, not something to be concerned about as the market has been so overextended for so long.

S&P 500 Video 20.11.19

Underneath at the 3030 level I would anticipate seeing a bit of support, as the markets have simply done too much into short of a timeframe, but we do have the 50 day EMA in that area that could offer a certain amount of support. A massive amount of support should be seen at the 3000 level as well, and therefore it’s likely that the market will continue to see a lot of noise, and therefore I would be interested in seeing buyers down to that area that I can join in with. I have no interest in shorting, this is far too strong of a market and of course the Federal Reserve is going to do what it has to to keep the market going higher. You don’t fight the Federal Reserve, so therefore you don’t short this market.

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