S&P 500 Price Forecast – Stock Markets Looking for a Bottom

While it is far too early to talk about the bottom being in right now, it certainly looks as if the market is at least trying to find its footing. That’s a good sign, but quite frankly markets can’t sell off forever so it should not be a huge surprise that we are at least sitting in this general vicinity. I think that the market will probably find some type of bounce relatively soon, perhaps due to either short covering or if we are lucky, good news.

S&P 500 Video 20.03.20

To the downside, if we break down below the long wicks from the last couple of days, then we could open up the move down to the 2100 level. It should be noted that the 2350 level is a crucial level as it is the area where the market took off from on December 24 of 2018, leading to the most recent rally. That was a massive move, and at this point it looks as if it is trying to hold. If that can hold, we may find ourselves rallying for the short term. I think we are starting to see at least some fight come back into the market as you can see there has been a lot of back and forth action instead of a straightforward selloff. Some of the things that are starting to help is the fact that a lot of governments around the world are stepping up quite quickly to combat the financial damage, unlike they did in 2008.