S&P 500 Price Forecast – Stock markets continue to levitate at highs

The S&P 500 went back and forth during the trading session on Friday, as we continue to struggle with the highs. The 2950 region is resistance, while the 2890 level is massive support. Ultimately, this is a market that continues to go back and forth with indecision, and as we are during earnings season, it makes sense that there will be a lot of confusion. There’s a lot of moving pieces, and perhaps this may not be the best time of year to be trading. However, if we do break above the 2950 level it’s likely that we will go looking towards the 3000 level.

S&P 500 Video 29.04.19

To the downside, if we break down below the support level, the market could go to the 50 day EMA, closer to the 2840 level right now, and then possibly the 2800 level. Something has to give as the markets are at extraordinarily high levels, so either we are going to get a bit of an impulsive blow off top or were going to break down. As long as we are stuck between 2920 950, I think it goes back to the range bound day trading more than anything else keep in mind that the volatility is going to pick up, and therefore it’s going to be difficult to deal with. Ultimately, keep your stop losses tight, and continue to trade this range but it does look like it favors the upside more than anything else based upon the trend.

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