S&P 500 Price Forecast – Stock markets grind ahead of G 20

The S&P 500 rallied a bit during the trading session on Thursday but could not break above the inverted hammer from the previous session. I suspect that we are going to see this market chop around sideways between now and the G 20 meeting, most specifically between the Americans and the Chinese. As we await that, I think a lot of traders are very cautious.

S&P 500 Video 28.06.19

At this point, I believe that there is massive support at the 2900 level that extends down to the 2880 level. Because of this, I think that a selloff is a buying opportunity in that particular region. However, if we broke down below there the market probably unwinds quite drastically. I suspect this would probably have something to do with the United States and China escalating and not de-escalating the trade tensions. We are already starting to see the Chinese talk about how they are willing to move much, so expecting great strides over the weekend is a bit of a stretch from everything I can see.

With that being the case, I think the next 24 hours will offer selling opportunities on short-term rallies, but I wouldn’t expect to watch out of the market until Monday morning. That being said, the Monday morning in Asia could be a massive gap in one direction or the other, with much more likelihood being to the downside. I’m leaning more to the negative sign these days, but not willing to put a lot of money into the market until next week.

Please let us know what you think in the comments below