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S&P 500 Price Forecast – Stock Markets Run Into Resistance And Highs

By:
Christopher Lewis
Updated: Nov 26, 2019, 16:44 UTC

The S&P 500 initially tried to rally during the trading session on Tuesday, breaking above the top of the overall of trending channel. At this point, the market looks as if it is running into a bit of exhaustion, and quite frankly it’s likely that the holiday week isn’t going to help.

S&P 500 daily chart, November 27, 2019

The S&P 500 has rallied a bit during the trading session on Tuesday but gave back the gains as we broke out of the of trending channel. It’s Thanksgiving weekend, so it’s difficult to imagine that a lot of volume is going to jump into this market and send it much higher. At this point, it’s likely that we get a bit of a pullback. At this point, the 3100 level underneath will continue to offer support, and not only that we have the gap underneath that could offer a buying opportunity as well. As we drift into the Thanksgiving Day holiday, it’s difficult to imagine that this market is going to continue to go much higher. I think a pullback will help anyway, so I’ll be looking for buying opportunities.

S&P 500 Video 27.11.19

Underneath the 3100 level is the 50 day EMA which is closer to the 3050 level, and then the 3000 level after that would be massive support. At this point, the market should continue to grind its way higher, but we need to find some value at this point. At this point in time, the market is likely to offer plenty of opportunities, but perhaps not at this higher level. That being said, if we were to break above the high from the trading session on Tuesday, then it’s possible that the market should continue to go higher. With that, I would be much more cautious though. Look for volume on a pullback, that should give your heads up for buying.

Please let us know what you think in the comments below

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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