S&P 500 Price Forecast – Stock markets quiet on Tuesday

The stock markets in general were relatively quiet during the trading session on Tuesday as we try to figure out where to go next. We are essentially in “no man’s land”, so therefore it’s not a huge surprise to see that the market hasn’t taken a definitive stance either way.
Christopher Lewis
S&P 500 daily chart, August 28, 2019

The S&P 500 has gone back and forth during the trading session, as the 2900 level has offered a bit of resistance. What’s interesting is that the market simply can’t go anywhere during the day and it appears that we are roughly halfway between the 50 day EMA and the 200 day EMA. This tells me that there are a lot of questions out there, as we continue to simply grind back and forth. At this point, I suspect that we are probably going to be waiting for the jobs numbers to make our next move. We happen to be in the end of the holiday season for traders, so volume of course is going to be a major issue.

S&P 500 Video 28.08.19

In fact, this is why so many random headlines on Twitter have from the markets around. Quite frankly it’s not a very illiquid market all things being considered, and it’s likely that algorithmic programs have been trading headlines more than anything else. With that, I’m going to stay away from the S&P 500, as I believe that we are still stuck in the same range between 2050 and 2950. I think at this point, if you get closer to the edge can trade, using that edge as support or resistance. All things being equal though, it does look probably more likely for a break down than a move higher, at least in the short term. With that, I remain on the sidelines in the meantime.

Please let us know what you think in the comments below

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.