S&P 500 Price Forecast – Stock Markets Rally on Thursday

The S&P 500 rallied a bit during the trading session on Thursday as we have broken above the 50 day EMA, and it looks as if the market is trying to hang around the 50% Fibonacci retracement level as well, and of course it should be noted that the 50 day EMA is currently at the 2800 level, so that of course attracts a lot of attention in and of itself as well. I do believe that the market will continue to feel a little bit heavy here, and maybe spend the next several days trying to figure out which way they were going to break one way or the other. If we can break down below the 2720 level, it is likely that we could drop down towards the 2640 handle.

S&P 500 Video 24.04.20

To the upside, if we can break 2880, it is likely that we could go towards the 200 day EMA nearly 2950 level. At this point, there is also a gap and the 61.8% Fibonacci retracement level is something that should be paid attention to as well. Quite frankly, the market seems to be “whistling past the graveyard”, and I do believe there has probably more downside risk than up, but at this point it looks like the market is still trying to convince itself one way or the other. The short term, I would look at this as an opportunity to trade this market from a range bound perspective, because quite frankly there is nothing screaming in one direction or the other as to how you should be positioning your trading capital. It is difficult to imagine why we would break out to the upside, but you cannot rule it out.