S&P 500 Price Forecast – Stock Markets Give It a Bit of a Rest

The S&P 500 initially tried to rally during the trading session on Wednesday but gave back a bit of the gains as it looks like we are going to continue to see bits of trouble. At this point, the market is likely to see a lot of volatility but that is nothing new in this market. Since we had that massive selloff Thursday, it has sent a lot of instability in the market. That being said, the 3000 level should continue to be a major issue, so I think in that area it is likely that we would find buyers.

S&P 500 Video 18.06.20

The 50 day EMA has just crossed the 200 day EMA, so some longer-term traders will be looking at that as a signal to start buying. It is also an area where I would expect to see a lot of support, so ultimately, I think that there will be buyers coming into the play in that area. Ultimately, if we break above the 3200 level, then it is likely we go looking towards the 3400 level. This is a market that is going to continue to find buyers, and therefore I think you should be looking at it for signs of value. At this point, I think the only thing that you can count on is a lot of choppy volatility but remember that the Federal Reserve is out there looking to support any time the market dips.

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