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

Stock markets have been eerily quiet over the last several days, and now with Congress starting the public display of the impeachment hearings, it of course Jerome Powell speaking in front of Congress, more monkeys have joined the circus.
Christopher Lewis
S&P 500 daily chart, November 14, 2019

This is a market that is obviously struggling with the 3100 level, and as a result is very likely that we continue to see a bit of resistance in this area. At this point, the market is very likely to continue to see a lot of noise in this general vicinity so it would not surprise me at all to see some type of impulsive move sooner or later. It can go in either direction in these times, because now we have to decide whether this is going to be accumulation or distribution. If we do pullback, and quite frankly that’s the better trade for me, I’d be looking to buy somewhere closer to the 3030 handle. However, we could break out to the upside and then clear the 3100 level. If it does that, then you can expect the market participants to continue to drive this market to the 3200 level, an area that could be the target due to the ascending triangle measurement from the previous breakout.

S&P 500 Video 14.11.19

Moving averages are most certainly sloping to the upside, so it’s obvious that we are in an uptrend but have been taking a break. I think this break is necessary, because quite frankly the market can’t go in the same direction forever. With this I remain bullish but I would like to find some type of value if it’s at all possible value can be found either at lower prices, or extended time going sideways as the market burns off all of the excess one way or another.

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.