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.

Please let us know what you think in the comments below

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.