S&P 500 Price Forecast – stock markets quiet ahead of central-bank action and jobs numbers

The S&P 500 as you can see has bounced from the 2812 level, reaching towards the 2821 handle. If we can break above the 2825 level, then the market will be free to go much higher. I believe at this point a bit of a bounce is probably going to happen, but I would wait until we see the reaction after the central banks, and of course the jobs number on Friday will make a major influence on where we are going next.

At this point, I would not be trading this market with any type of size. I would be cautious about putting too much money to work as there is a lot of volatility. However, if we can clear the most recent high, then I think we could go as high as 2840 where we had seen a major demand level. A break above the 2850 level sends this market much higher. The 2800 level underneath offers massive support, and I think at this point if we were to break down below there, the support range that runs down to the 2790 level would be in danger. If we get down below there, then I think another 50 points could be seen to the downside. I anticipate a lot of volatility, and quite frankly this is probably not the market to be involved in for the next 24 hours, perhaps even the rest of the week.

S&P 500 Video 02.08.18