S&P 500 Price Forecast – Stock markets push higher

Looking at the stock charts, you can see that the buyers have come back on Thursday, gaining about 20 points in the S&P 500. We are pressing against the couple of shooting star like candle and some resistance, so it’s very likely that we will continue to find resistance, but we are in and uptrend.
Christopher Lewis
S&P 500 daily chart, March 22, 2019

The S&P 500 initially dipped during the trading session on Thursday but then rallied towards the 2840 level early in New York trading. By doing so, we are pressing a significant resistance barrier above, and it looks very likely that we may try to break out again. The 2800 level underneath is massive support, as it was massive resistance. Looking at this chart, you can see that the moving averages underneath are starting to turn higher, so it’s very likely that we will continue to see buyers on these dips. I think that the 2900 level above is massive resistance, as it was a scene of massive selling. It’s also a large, round, psychologically significant number as well, so that attracts a certain amount of attention.

S&P 500 Video 22.03.19

At this point, I don’t have any interest in shorting the S&P 500, nor am I interested in shorting any particular stock. With the Federal Reserve stepping on the sidelines and promising a lack of interest rate hikes, it makes sense that stocks will continue to find buyers. That being said, I will of course update you here at FX Empire if the attitude changes but this simply looks like a market that’s chugging right along to the upside. Looking at this chart, it seems as if the markets are looking for yet another sugar high, and I have learned since the great reset 10 years ago that you simply cannot fight these moves.

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