S&P 500 Price Forecast – Stock markets stutter at highs

The S&P 500 E-mini contract did rally a bit during the trading session on Monday, testing the 2950 handle. However, there is significant resistance there that we can’t quite get above. We have been kind of stumbling around this area as of late but I would also point out that we have been very resilient to the upside. Every time we sell off on the short-term chart, the buyers return to pick things back up. It looks at this point that the 2890 level below is a significant support barrier, so it’s not until we break down below that level that I’m concerned about this market at all.

S&P 500 Video 30.04.19

I have been trading the E-mini contract on short-term dips to make a small gains, but we just don’t have the resiliency to break out yet. If we do, then we will more than likely go looking towards the 3000 handle. That is an area that should be crucial and therefore I would expect quite a bit of resistance and that area. Overall, this is a market that I think is struggling with earnings season, but more importantly the overall macro global situation when it comes to politics and trade. Quite frankly, we are very “long in the tooth” when it comes to the rally, so it’s going to take something rather significant to bring in the next impulsive move. This has been a slow and steady grind to the upside so I assume that should continue to be the way forward.

Please let us know what you think in the comments below