S&P 500 Price Forecast – Stock Markets Pressing Major Resistance

The S&P 500 initially pulled back during the trading session on Tuesday but found enough support at the 2700 level to bounce significantly and reach towards the top of the shooting star from the session on Wednesday. This is a very bullish sign, and if we can clear above this area and stay above there for the daily close, it’s very likely that the next move will be to the 2800 level above, which is massive resistance. At this point, I believe that the buyers are becoming more and more aggressive, so short-term pullbacks will probably be bought.

S&P 500 Video 13.02.19

However, if we break down below the 2650 handle, I think it’s likely that we will go looking at the 2600 level as the next question to be answered. At this general, I believe that the market has plenty of momentum underneath it, but I think it’s going to be difficult to get a clean move, because there is so much in the way of geopolitical concerns out there and of course the US dollar had strengthened so much. At this point, I believe that the upside still has the upper hand, but I would not think that it’s going to be obvious to all out there. It will take a certain amount of wherewithal to hang on to long positions at this point, but it certainly looks as if the resiliency should continue. Overall, I think that the market is one that will focus on short-term charts, and nothing more than that. If we can break above the 2800 level, that would be rather extreme and up bullish at that point. A break down below the 2600 level would be extraordinarily negative.

Please let us know what you think in the comments below