S&P 500 Price Forecast – Stock markets find buyers at lower levels

The S&P 500 fell initially during the trading session on Thursday but found enough support underneath as by hunters came back into pick up the market. The US dollar strengthening during the ECB press conference as Mario Draghi suggested that the ECB was going to stay away from interest rate hikes at least until the end of the year, and of course added loan programs for banks. However, the dollar stabilized a bit, and that of course help the market a bit. Beyond that, the market started to focus on the jobs number almost immediately.

S&P 500 Video 08.03.19

Speaking of the jobs number, it is going to be a major driver of the markets during the trading session, so keep in mind that a lot of noise is very likely. With that in mind, there’s probably more of an upward proclivity after this pullback, as we have seen a lot of resiliency underneath. However, it’s very difficult to risk a lot of money in a market that’s going to be moved around by an economic figure that you just have no way to get in front of or understand head of time. The one thing that you do keep in mind is that we just formed a “golden cross”, which of course is very bullish. That is when the 50 day EMA crosses above the 200 day EMA, a longer-term bullish signal. If we do break down after the jobs number, 2700 should be an area where there will be a lot of buyers. To the upside, it’s going to take something rather special to break through the 2820 handle.

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