S&P 500 Price Forecast – Stock markets continue to press higher

The S&P 500 initially pulled back during the trading session on Wednesday, but then turned around to break towards the upside. We are in a major resistance region, so it looks as if we continue to see a lot of sellers that will be a major barrier. With this being the case, I’m not willing to step in and buy this market, but I don’t know that it’s a market that can be sold. Beyond that, we also have massive options expiring this week, and that almost always causes a certain amount of noise.

S&P 500 Video 14.03.19

This market will probably continue to be very noisy, and quite frankly you might be better off waiting a few days before putting a lot of money to work. This isn’t to say that we can’t break out to the upside, but quite frankly we have a lot of work to do. With that, I think that there is so much in the way of noise that is difficult to make serious decisions. You are going to be better off waiting for some type of impulsive daily candle to make the decision for you. The 2820 level continues to be major resistance, so breaking above there could send this market into a bit of a significant rally.

To the downside, if we get a large negative candle, that could be reason to start selling but that’s a bridge that I will cross once we get there. I need to look at the daily candle sticks to put a trade position on. In the meantime, simple observing is probably the best.

Please let us know what you think in the comments below