S&P 500 Price Forecast – Stock Markets Continue To Struggle At Highs

Stock markets continue to struggle in general, as we can’t break out to fresh, new highs. With that being the case, it makes quite a bit of sense that it is a lackluster day. At this point, the markets need some type of catalyst to finally break down.
Christopher Lewis
S&P 500 daily chart, October 23, 2019

The S&P 500 has essentially done nothing during the trading session on Tuesday, as there are still plenty of headwinds above, and perhaps even more importantly, structural resistance. There is no real catalyst to go higher right now, so at this point I think it’s only a matter of time before we sell off. I don’t look at the selloff as some type of major negative event, just that we will continue to see the market struggle. Those pullbacks should be buying opportunities oh, as it offers value in what has been a very bullish market. The 50-day EMA underneath should offer support, as it is a crucial trend following mechanism and of course is starting to tilt higher. With that being the case it’s likely that we will see pullbacks to offer value.

S&P 500 Video 23.10.19

Overall though it’s likely that the market will find some reason to break out, because quite frankly it has over the last several years. We are sorry to make lower highs on the longer-term chart so betting against the S&P 500 is probably difficult to do. Yes, we get the occasional selloff but every time we pull back becomes just a little less aggressive. The Federal Reserve will do what it has to save the markets, so that’s probably something that you should pay attention to as well, and therefore dips continue to offer value in a market that although has no bearing on reality, certainly is very bullish.

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
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.
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.