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

Stock markets continue to struggle during the day on Wednesday, as we have hit a major high as of late. Overall, the market continues to be very choppy and difficult, but that makes sense considering we are in the middle of earnings season.
Christopher Lewis
S&P 500 daily chart, April 18, 2019

The S&P 500 initially tried to rally during the trading session on Wednesday, as we continue to see a lot of noise. Overall, I believe that the noise is going to continue as we have earnings season going on so obviously there are a lot of catalysts out there floating around. That catalyst on a daily basis could throw the market in either direction.

S&P 500 Video 18.04.19

However, the 2900 level has been supportive and should continue to be important. With that being the case I suspect that short-term dips will probably be bought, because although we have formed less volume up in this area, the reality is that buyers continue to show up every time there is a bit of value. I don’t think that’s going to change anytime soon, so with that in mind it’s likely that short-term traders will continue to pick up dips.

If we do break down from here I believe that the 2880 level is massive support, followed by the 2850 level and then the 2790 handle. All of that being the case it’s very likely that we continue to see choppiness, volatility, but most of all a value oriented mindset for the market. If we do get some type of massive selloff I anticipate that longer-term big-money firms will be simply waiting to pick up the pieces and add to an already long only type of portfolio that most of them seem to have these days. If we can break above the top of the candle stick for the day, that opens the door to the 2940 handle.

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