S&P 500 Price Forecast – Stock Markets Shoot Straight Up In the Air Due to Drug Results

The S&P 500 finds itself reaching towards the 2925 level during the trading session early in the day, but the 200 day EMA is just above and the market is currently hanging about a gap in the futures near the 2930 level. Because of this, it is highly likely that we will have a major amount of resistance in this area. Quite frankly, if we can clear the 3000 handle, the downtrend is probably over. Having said that, none of the economic data has a hint of strength to it, so therefore this looks like a typical “bear market rally.”

S&P 500 Video 30.04.20

Gilead announced that it is drug was showing signs of working against coronavirus, and that of course has people excited to own stocks during the day, but quite frankly we have a long way to go. As the Federal Reserve announces its statement late in the day, there is also the possibility that some people may be disappointed by whatever Jerome Powell says, as the market directly trades lockstep as to what the Federal Reserve is doing. Because of this, expect a lot of volatility but at this point the market eventually will start to pay attention to something called gravity. Until then, it is going to be very noisy and difficult but being patient and waiting for a selling opportunity somewhere in this general vicinity probably makes the most sense. With that, I would be on the sidelines until we get some type of definitive candlestick in this general vicinity as we are at a major crossroads.