S&P 500 Price Forecast – Stock markets stall

The S&P 500 has been all over the place during the trading session on Thursday, but considering how poor the economic numbers were, I believe that the stock market has held up quite nicely. Because of this, I believe this has been a bit of a hint as to the resiliency of this rally, and the fact that the market is ready to go towards the 2800 level. That being the case, the market is very likely to be choppy, but it certainly looks as if we still retained the “buy on the dips” attitude that we have seen for so long.

S&P 500 Video 14.02.19

Your bogey on the bottom is 2700, and if we get past their to the downside we could continue to pick up a little bit of negativity. Quite frankly, after the numbers came out the futures started falling rather drastically, but we turned right back around so that was a very bullish sign. Ultimately, I think this suggests that there is real demand underneath, and of course big money is willing to step in. Having said that, I believe that the 2800 level above is going to be massive resistance, and I think it’s good to be very difficult to break above there initially, so I suspect it will take several attempts.

At this point, I think that we are going to need to focus on short-term charts, but keep in mind that the two levels, both the 2700 and the 2800 level must be kept in mind, and it currently we are essentially right in the middle of the larger consolidation.

Please let us know what you think in the comments below