S&P 500 Price Forecast – stock markets recover slightly

The S&P 500 itself will be closed during trading on Thursday as it is Thanksgiving Day in the United States. However, the CFD markets will open, so keep in mind that you are trading anything other than speculation by other retail traders. That being said, rallies at this point continue to offer selling opportunities as there are a lot of headwinds out there when it comes to trade, and of course the rallies are kicked off by delusions that the Chinese and the Americans are getting ready to come to gather in Argentina. There is nothing out there suggesting it’s going to happen.

S&P 500 Video 22.11.18

At this point, I think the 2700 level is the first major barrier, and if we can break above there I think we could go to the 2750 level. The 50 day EMA is above there, and I think it’s not until we close above there on a daily candle that traders will feel comfortable going long. You could say that we are looking at a potential double bottom, but I think that’s being a bit overly optimistic at this point, because quite frankly we just don’t have the momentum. The fact that we are rallying the day before Thanksgiving Day in the United States tells me that we may have a bit of a “short covering rally” at best. I don’t buy this green candle under any circumstances at this point. A break down below the 2600 level, then I think it opens the door to 2500.