S&P 500 Price Forecast – Stock markets recover slightly on Tuesday

The stock markets rallied a bit during the trading session on Tuesday, as the markets continue to weigh out the situation between the NSH and China. Quite frankly, I think we are in a very volatile time now and could see a massive move soon.
Christopher Lewis
S&P 500 Price Forecast - Stock markets recover slightly on Tuesday

The S&P 500 rallied slightly during the trading session on Tuesday, reaching towards the 50 day EMA before pulling back slightly. We are essentially hovering around the 2860 handle but I think at this point we need to look at the fact that there is an uptrend line underneath, as well as one above. This isn’t that unusual to have several different trendlines, so it makes sense that we could continue to see this market go back and forth in this area. However, I think that the 100 point range that we find ourselves in right now will eventually be resolved in one direction or the other. Once we do, it should be a rather big move based upon what we have seen.

S&P 500 Video 22.05.19

The 2800 level underneath is massive support, going back several months. I think a break down below that level would be rather alarming, and could send this market much lower, probably based upon the US/China trade situation or perhaps the Federal Reserve sounding more hawkish than expected. To the upside, if we can break above the 2900 level, then we could go looking towards the 2950 level. When you zoom out on this chart, it’s not a stretch to see a potential double top, and I think that all of the uncertainty may finally be starting to try to catch up with this market. That doesn’t mean that we should be sellers right now, just that we should recognize that the area between 2800 and 2900 is absolutely crucial.

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

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
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.
RISK DISCLAIMER
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.
FOLLOW US