S&P 500 Price Forecast – stock markets soft yet again

The S&P 500 has initially tried to rally during the day on Thursday but sold off again. Quite frankly, I think this market is probably going to go down to the 2650 handle, and then possibly the 2600 level after that. That’s an area that should be massively supportive, and I think that if we were to break down below there the next major support level should be the 2500 level. I believe that the market needs to flush itself out and the “Santa Claus rally” may not happen this year. There are far too many issues when it comes to global growth, and of course we continue to see people worry about the US/China trade tensions. They don’t seem to be going anywhere, and it’s not until after the meeting in Argentina that we will have more clarity. I suspect that this point we are no closer to an agreement than we have been for some time, as this market is starting to come around to that conclusion as well.

S&P 500 Video 16.11.18

I believe that rallies are to be sold, and quite frankly it’s not until we close above the 50 EMA on the daily chart that buyers will have taken control. Quite frankly, this market looks horrible and I think we are probably going to go much lower. There’s no reason to step in and be a hero now, wait for signs of life before buying, because quite frankly if we start to rally, there should be a huge move and therefore you won’t have to worry about jumping into late.