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.

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