S&P 500 Price Forecast – stock markets volatile to open the week

The S&P 500 has initially rallied during the trading session on Monday but found the 2890 level to be a bit too much to continue going higher. Because of this, the market has pulled back towards the 2880 level as I record this. There is a huge area of support down at the 2870 handle, and I think there are plenty of buyers between here and there to keep the market somewhat afloat. In general, I believe that we should find some support, but overall I think that the market participants will continue to be very skittish at this point, so overall I think it’s can be very difficult to put a lot of money into this market.

I think that this pullback will offer value for those longer-term minded investors, but overall I think that if we break down below the 2870 handle, that could have this market breaking down rather significantly, perhaps down to the 2850 handle. The alternate scenario is that we go reaching towards the 2900 level, but at this point I think volatility is probably the only thing you can count on. As I record this, we are drifting lower and trying to break through support, showing just how many concerns there are around the world, not the least of which will be an increasing of the tariffs between the Chinese and the Americans, which will continue to spook the market. Emerging market issues of course are starting to weigh upon stock trading as well.

S&P 500 Video 11.09.18