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

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
IMPORTANT DISCLAIMERS
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.
RISK DISCLAIMER
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.
FOLLOW US