S&P 500 Price Forecast – stock markets rally to close out the week

The S&P 500 rallied a bit during the trading session on Friday to break above some minor resistance, but we have much more above that could cause some problems. At this point, I believe that the market has shown its resiliency to go higher, but overall I think that the 2800 level is going to be a major resistance barrier. We have tried it three times, and at this point if we get back there, I think there will be at the very least a reaction. If we get some type of exhaustive candle such as a shooting star at the 2800 level, then we probably will start rolling over again. That doesn’t mean that we break down drastically, only that there is a lot to deal with overhead.

S&P 500 Video 18.02.19

On the other hand, if we break above the 2800 level on a daily close, then we could go higher, perhaps reaching towards the 2850 handle. In general, I believe that the market continues to show a lot of skittishness when it comes to the uptrend, as this is a major supply area. That being said, if we can get through at this market should take off like a rocket.

Global growth concerns will continue to weigh upon this market, just as the trade war situations. On the other hand, we have a softening Federal Reserve so that has been pushing to the upside. I anticipate the 2800 level is going to cause some issues regardless.

Please let us know what you think in the comments below