S&P 500 Price Forecast – Stock markets slightly positive

Stock markets were slightly positive during the trading session on Wednesday as we simply killed time around the 3000 level in the S&P 500. Quite frankly, this is a market that is trying to build a bit of a base to go higher, but really has nowhere to be in the short term.
Christopher Lewis
S&P 500 daily chart, July 25, 2019

The S&P 500 continues to show signs of choppiness and essentially a significant lack of interest. I think that the market continues to look at the 3000 level, an area that of course is a large, round, psychologically significant figure. Looking at this chart, it’s obvious that the gap underneath at the 2950 level should continue to be an area that is of interest. I think the market continues to find plenty of buyers down there, so I would be a bit surprised if we broke down below there. That being said, if we were to break down below it, then the market probably continues to go much lower, perhaps down to the 2900 level.

S&P 500 Video 25.07.19

To the upside, if we can finally break to a fresh new high at the 3025 handle, then the market is likely to go to the 3050 handle. We are in the midst of a lot of choppiness and earnings season, so I think at this point it’s difficult to imagine trying to short this market, but that doesn’t necessarily mean that we should jump right in and start taking off to the upside. I like buying dips, they offer plenty of support and value, and I think that given enough time we will almost certainly continue the overall long-term grind higher. It is the dead of summer though, so I would not expect much in the way of fireworks as we have nowhere to go.

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