S&P 500 Price Forecast – Stock markets struggle to pick up momentum

The S&P 500 went back and forth during the trading session on Thursday as we continue to hang about the crucial 2900 level. Ultimately, there would have been an argument about liquidity as the market heads towards the Easter weekend.
Christopher Lewis
S&P 500 daily chart, April 19, 2019

The S&P 500 went back and forth during the trading session on Thursday as we continue to hover around the 2900 level. That is an area that of course will offer a lot of pressure, that extends to the 2940 handle. The 2940 level above is a major resistance area, just as the 2900 level is significant support. However, it looks as if we are getting a bit exhausted at this point but having said that it’s likely that the Easter weekend coming up skews the situation quite a bit.

S&P 500 Video 19.04.19

The 2880 handle underneath offer support, and if we break down below there it’s likely that we go to the 2850 handle. Underneath that I think there is even more support at the 2790 level. There is a lot of support at various levels underneath, so look for the market to bounce at one of those areas and take advantage of the “buy on the dips” mentality. Ultimately, if we did break down below the 2790 handle, the market will probably break down a bit more significant.

To the upside, if we break above the 2940 handle it should send this market looking towards the 3000 handle over the longer-term. This is earnings season so expect a lot of back and forth choppiness that could move this market. With that in mind though, you should keep in mind that the longer-term trend is most certainly to the upside so that can’t be ignored.

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