S&P 500 Price Forecast – Stock markets running into major resistance

The S&P 500 has tried to rally during the trading session on Friday, but as you can see we still can’t break above the 2820 level. With that being the case, it looks as if we continue to have major supply appear at this level. However, one thing that you can take away from this is that you haven’t exactly seen a major break down, so that is something to hang your hat on if you are bullish. Because of this, I think that there are still a lot of problems out there when it comes to making decisions, and quite frankly you don’t have to put money to work right now as the market will make a decision, and once it does it will be rather dramatic. We will either sell off drastically or explode to the upside and I don’t think there’s any in between at this point.

S&P 500 Video 04.03.19

A break down, I believe that the 2700 level should offer plenty of support, and if we break down below there we could be looking at something rather ugly. The other scenario is that the market breaks above the 2820 handle, acting a bit like a beach ball held underwater, meaning that we will shoot straight up to the 2900 level. We just don’t have the catalyst quite yet to make the decision so therefore it’s likely best to simply sit on the sideline.

Please let us know what you think in the comments below