S&P 500 Price Forecast – Stock markets pulled back slightly to kick off week

The stock markets in the United States pulled back slightly to kick off the week on Monday, but quite frankly it isn’t much to worry about as we are clearly in a significant uptrend, and of course that has not changed with this small setback.
Christopher Lewis
S&P 500 daily chart, April 16, 2019

The S&P 500 has pulled back just a bit during the trading session on Monday as traders came back to work from the weekend. We are still hanging above the 2900 level, and quite frankly any time we get close to that level it seems as if there are buyers entering the market to take advantage of value. The S&P 500 has been very strong and now that we are in the middle of earnings season, it’s likely that we will have several catalysts to move the market in both directions.

S&P 500 Video 16.04.19

There’s the expression “it’s hard to kill a bull” that comes to mind when I look at this chart. I do recognize that there are a lot of noisy bits and pieces on short-term charts between here and the 2940 level, and that’s probably going to make a lot of sense as we are heading into earnings season as it gives us an opportunity do have a reason to break out. Eventually we should, and that it’s likely that we will go looking towards the 3000 level.

In the meantime, it’s not until we break down below the 2790 handle that I would be concerned about the overall uptrend. The market has been resilient and showed that area to be massive support in the past. We also have the 50 day EMA sitting just above there, so at this point I think it’s very likely that if we get anywhere close to that level, we should have plenty of value hunters coming back in.

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