S&P 500 Price Forecast – Stock markets crater on Friday

The S&P 500 fell rather hard during trading on Friday, as poor economic numbers continue to be seen around the world. At this point, the overall attitude has shifted rather bearish in the short term, and the weekly candle stick suddenly is going to form a shooting star at this level. If that’s going to be the case it’s very likely that were going to get a pullback which is probably necessary after this explosive run anyway.

S&P 500 Video 25.03.19

Overall, the market should continue to find support underneath though, especially at the 2800 level. I think the next couple of days are going to be crucial and violent. It still looks as if we are going to try to reach towards the 2900 level, but it’s going to take a lot of convincing to make that happen after the technical destruction that we have seen during Friday trading. If we do break down below the 2800 level, it’s very likely that we continue to go lower, perhaps reaching towards the 2722 handle. All things being equal, it’s obvious to me that we continue to see lots of noise, but Friday certainly has scared a lot of people. We are still technically in and uptrend, but we need a day or two of stability after this type of selloff in order to bring people back into the long side of the market.

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