S&P 500 Price Forecast – Stock Markets Continue To Press Major Resistance

The S&P 500 continues to try to grind to the upside, but the 3000 level is the beginning of significant selling pressure than has been very resilient and stubborn to say the least.
Christopher Lewis
S&P 500 daily chart, October 24, 2019

The S&P 500 has initially tried to pull back during the trading session on Wednesday but then turned around to crack at the 3000 level yet again. This is an area that continues to be very difficult to get above, and there is essentially a 25-point range above that continues to cause resistance. Because of this, it is difficult to get overly excited about buying this market, but it’s obvious that every time it pulls back there are plenty of buyers trying to push it higher.

S&P 500 Video 24.10.19

The markets of course are dealing with earnings season and that is something that should be paid attention to as it will throw the markets around quite drastically. Overall, this is a market that should find plenty of reasons to try to break to the upside, but there is so much of the way of noise that it’s probably going to take multiple attempts. To the downside, the 50-day EMA is starting to cross the 2960 level, and that could offer quite a bit of support. Below there, the 200 day comes into play at the 2888 handle. Either way, when you look at the chart it’s obvious to see that there is an ascending triangle that showing just how aggressive this market has been to the upside.

In general, it looks as if the market is trying to build up enough inertia to make a move much higher, but obviously we need some type of catalyst to send this market higher. Once he gets it, it should rip to the upside rather aggressively.

Please let us know what you think in the comments below

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