S&P 500 Price Forecast – Stock markets get hit

The S&P 500 has initially tried to rally during the trading session on Tuesday but rolled over rather significantly to show signs of extreme weakness. There seems to be a lot of concern about the US/China trade relations, so you should be aware of that. Overall though, the market looks very likely to find buyers on these dips. That is of course unless something changes drastically when it comes to the US/China trade relations. If it does, then you can count on this market getting absolutely drilled. We are at extreme highs, so it’s difficult to imagine a scenario where we can just shoot straight to the upside without getting a resolution.

S&P 500 Video 08.05.19

At the very least, market participants need to see that there is significant progress in those talks, so if we don’t get at least some good news out of the meetings this week, it could be the very top. Overall though, we have a lot of technical indicators underneath that still show the possibility of going higher. With that in mind, it’s likely that we will find value hunters barring some type of bad news. To the upside, the 2925 and the 2950 level still remained somewhat resistive. Longer-term we are in and uptrend, and that something that should not be forgotten in this rather chaotic and hectic environment. Eventually the overall attitude of the market takes over, and the buyers retain the lead.

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