S&P 500 Price Forecast – Stock Markets Continue To Grind Sideways

The S&P 500 rallied a bit during the trading session on Monday to kick off the week, breaking above the 3000 level but can’t seem to get much higher than that. A lot of psychological resistance will be felt here, and the market is simply waiting for earnings season.
Christopher Lewis
S&P 500 daily chart, October 22, 2019

The S&P 500 rallied a bit during the trading session on Monday, reaching above the 3000 handle again. This is an area that causes us quite a bit of psychological resistance though, so at this point it doesn’t seem to be a scenario where we can put a lot of faith into. Ultimately, this is a market that will show a lot of volatility and a lot of resistance above extending all the way to the 3020 level. I think it’s only a matter of time before exhaustion comes in and takes this market back down, but if we were to break out to a fresh, new high, then it’s obvious that we should be buyers. With that in mind, I believe that the market will find support at the 50-day EMA which is closer to the 2950 level.

S&P 500 Video 22.10.19

The market is rising over the longer term, so therefore you should be buying the dips, and not worrying about selling. The market is going through earnings season so that a course causes a lot of noise, but quite frankly the one thing that should be obvious at this point is that it simply won’t die. If it’s not going to fall over the longer term, then you should be looking in one particular direction, and that is going to be higher. I do not wish to short this market, at least not at this point because it has been so dangerous to do so.

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.