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Christopher Lewis
S&P 500 Price Forecast - Stock Markets Quiet On Monday

The S&P 500 was relatively quiet during the trading session on Monday, as traders await the next catalyst. At this point, the markets are testing the highs, but quite frankly we are waiting around to see whether or not the US/China trade situation gets any better. It’s likely that the next thing that moves the market will be some type of headline coming out of Twitter or Beijing, but the trade war seems to be the only thing that everybody is paying attention to at this point as the Federal Reserve is stepped on the sidelines.

S&P 500 Video 10.12.19

That being said, markets have been getting used to the idea of the Federal Reserve bailing them out, and therefore it makes quite a bit of sense that we continue to see the idea of markets rallying on bad news as well. After all, new quantitative easing has it been rolled out, as the Federal Reserve looks likely to lift the market anytime it falls. The 50 day EMA has been massive support, and it makes sense that it should continue to be paid attention to as well. The previous ascending triangle measures for a move to the 3200 level, and we have not gotten there yet, but I do think that’s our destination at the very least. Pullbacks will continue to offer buying opportunities, and I have no interest whatsoever in trying to short this market. The 3000 level underneath is a massive floor in this market and should continue to be so as it was such a large, round, psychologically significant figure. Ultimately, you should be looking for value.

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