S&P 500 Price Forecast – Stock Markets Pulled Back Ahead Of The Weekend

The S&P 500 has pulled back just a bit during the trading session on Friday, as the 3000 level continues offer significant resistance. With that being the case it makes quite a bit of sense that perhaps we are simply getting a bit exhausted ahead of the weekend, and with all of the earnings season noise and potential headline risk out there, it makes sense that there would be a lot of position squaring ahead of the weekend. The British are going to vote on the deal that the EU and Boris Johnson struck, and that of course could throw a lot of chaos into the marketplace first thing on Monday morning so I would not want to be too heavily involved in any risk asset.

S&P 500 Video 21.10.19

The 50 day EMA is below and should continue to offer support, just as the 2940 level should in of course the 200 day EMA which is currently walking along the uptrend line. If we can break above the 3025 level, then we can really start to take off to the upside but there is so much work to do between here and there that I find it difficult to imagine that is going to be had in any one candle. There is a Federal Reserve announcement coming soon, and that might be what finally moves the market, unless we get a sudden string of good economic releases from companies making up the bulk of the S&P 500.

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