S&P 500 Price Forecast – the Stock market rolls over a bit

The S&P 500 went back and forth during the trading session, so at this point it’s likely that the volatility will continue as the markets are looking for some type of directionality at the youth historically important levels.
Christopher Lewis
S&P 500 daily chart, July 18, 2019

The S&P 500 went back and forth during the trading session on Wednesday, as we continue to see a lot of noise. Ultimately, the $3000 level will attract a lot of attention, and at this point it’s likely that the markets will have to digest the idea of being at this crucial level, but we are still very much in and uptrend. The uptrend is intact, even though we have pulled back. Short-term pullbacks offer plenty of buying opportunities, and then perhaps an opportunity to reach towards the 3020 handle, maybe even the 3050 handle.

S&P 500 Video 18.07.19

We are in the midst of earnings season, so that could cause some bits of noise, but at the end of the day the only thing that the stock market cares about anymore is the idea of whether or not there will be low interest rates. If the Federal Reserve is going to embark on several rate cuts, then it makes sense that we will continue to go higher. The gap below at the 2950 level should continue to keep this market afloat, and I think as long as we can stay above there we shouldn’t be looking to short. However, breakdown below that level would be rather drastic. Ultimately, this is a market that I think is simply looking for value, and we will find that given enough time. All things being equal though, keep in mind that this is the wrong time of year to expect huge moves, most of Wall Street as a way of vacation.

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