S&P 500 Price Forecast – Stock markets get hammered on Thursday

The S&P 500 initially gapped lower to kick off the trading session on Thursday, rallied to fill that gap, and then broke down towards the psychologically and significant important 2900 level. At this point, the market has a major support barrier that extends down to the 2890 handle, so with that being the case it’s likely that we will find buyers in that area ahead of the jobs figure. After all, the jobs number, although a risky turn of events, can turn the market right back around so it’s hard to believe that people will be looking to crush the market between now and then.

S&P 500 Video 03.05.19

Overall though, I think that there is a lot of volatility just waiting to happen and if we break down below the 2890 level, then we could go to the 50 day EMA. If we turn around and break above the 2920 level, we could go looking towards the 2950 level after that. Expect a lot of noise and be very cautious about your trading position. In fact, you may wish to simply stay away from the market because of the potential danger in being involved. Ultimately, this is a market that is going to be difficult, but having said that we should get a nice trading opportunity present itself by the end of the session as we should get an impulsive candle that dictates whether or not we can break to the upside, looking towards the 3000 level, or are we going to break down? Cooler heads will prevail after the jobs figure and perhaps we could get a little bit more to work with.

Please let us know what you think in the comments below