S&P 500 Price Forecast – Stock markets try to rally but fails

The S&P 500 has failed to break out during the trading session on Friday, as the markets head towards the Labor Day weekend. With that in mind, there is almost anything that can happen over the weekend between the Americans and the Chinese so that’s probably in the back of most traders mind. That being said I think it’s only a matter of time before traders stepped back into the market and try to express an opinion based upon that scenario but we need to know whether or not the Americans do in fact plan on extending tariffs. So far, nothing has been stated that it’s going to change so it’s likely that will in fact be the case.

S&P 500 Video 02.09.19

Beyond that, it looks like we will reenter the consolidation area which makes quite a bit of sense considering that we are at the last vestiges of the holiday season and of course a lot of traders will be focused more on vacation than anything else. With that, I fully believe that the market is probably going to try to price in whatever the jobs number is next Friday, and that will probably be the next major event for the market to pay attention to. Until then, it’s probably going to continue to be very choppy so therefore I would not expect much in the way of mobility unless of course some type of announcement comes out between the Americans and the Chinese that calms nerves.

Please let us know what you think in the comments below