S&P 500 Price Forecast – Stock markets take breather on Tuesday

Stock markets gave back some of the gains during the day on Tuesday as we are trying to catch her breath after breaking out. At this point in time, the S&P 500 will be any different, as we are probably going to need to pullback to find buyers.
Christopher Lewis
S&P 500 daily chart, April 03, 2019

The S&P 500 went back and forth during the trading session on Tuesday, giving back early gains as we continue to see a lot of choppiness in this market. We certainly have a stronger trend to the upside then down, so I do believe that it’s only a matter time before we get to that area. Overall, I think that the market has a massive support below the 2790 level, but I also think there is plenty of support at the 2825 level, and possibly at the 2840 handle above there as well.

S&P 500 Video 03.04.19

I believe this point we are probably looking for the 2900 level to be hit as a target, and very likely we will see a reaction to that large, psychologically significant figure. Overall, the market has recently had a “golden cross”, as well – meaning that longer-term traders have recently started to put money to work as well. Overall, I believe that buying dips continues to serve you best, and you should think of those as potential value opportunities.

It will be volatile, as it has been for some time but as you can see we continue to make “higher highs”, but if we do pull back from here it’s very likely that we will had made a less bullish high, which in and of itself tells us that we are getting a bit overdone at this point. Looking at this chart, I believe that intraday buying the dips is going to be by far the easiest thing to do.

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
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.