S&P 500 Price Forecast – Stock Markets Fall Again

The S&P 500 has fallen pretty significantly during the trading session on Wednesday during the Globex hours, showing signs of weakness yet again. That being said, the market is likely to continue to see a lot of negativity, but at this point the Americans are trying to support this market. The 20 3050 level seems to be something that people are paying attention to, and although I would not be a buyer of this market right now it is certainly an area worth paying attention to. If we break down below there, then it’s likely we go looking towards the 2100 level over the longer term. I think that if the market can turn around and break above the 2500 level, then it opens up the door to the 2700 level.

S&P 500 Video 19.03.20

Although we are technically getting the “death cross” during the session, the indicator is typically more wrong than it is right. For example, if you looked for the “death cross”, or when the 50 day EMA crosses below the 200 day EMA to start selling, you would just now be doing it. Needless to say, markets move way too fast for that to be important. That being said, it is very likely that you will hear someone somewhere mentioned that today, but I would not pay any attention to it other than to recognize that markets have yet another reason to be a bit dour on the idea of the market, but keep in mind that there will be a significant bear market rally soon or later.