S&P 500 Price Forecast – Stock markets continue to struggle

The S&P 500 has initially tried to rally during the trading session on Wednesday, but we have given back quite a bit of the gains already. With that being the case it looks like the market is going to continue to struggle overall, perhaps reaching down towards the 2900 level underneath. That is an area that should cause a certain amount of support extending down to the 2880 handle.

S&P 500 Video 27.06.19

If we do reach under that area and bounce, it’s likely that we could go to 2950 above. However, if we were to turn around and break down below the 2880 handle, this would be the beginning of something a little bit more extensive to the downside. There is a catalyst to make this happen, the US/China trade talks or better yet – the lack of at the G 20 this weekend. Quite frankly, I think that the market is simply waiting to see how that turns out to give us an idea of where we are going.

Ultimately though, if we were to make a fresh new high it’s obvious that we should go to the 3000 handle. Looking at the chart, it looks as if we are trying to roll over completely, perhaps forming a massive double top at the 2960 handle. Ultimately, there are a lot of things to worry about around the world, which of course is not very conducive for stocks, although the Federal Reserve is doing everything he can to juice the market.

Please let us know what you think in the comments below