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S&P 500 Price Forecast – US stock markets sideways on Tuesday

By:
Christopher Lewis
Updated: Jun 13, 2018, 06:38 UTC

The S&P 500 has done very little during the trading session on Tuesday, as we continue to dance around just below the 2800 level. That’s an area that is massive resistance based upon the large, round, psychological importance of the number.

S & P 500 daily chart, June 13, 2018

The S&P 500 has gone sideways overall during the Tuesday session as we continue to try to grind higher, but quite frankly this is a market that is starting to run out of steam currently. However, I think that the market should pull back only to find buyers underneath. The market breaking above the 2800 level could then go to the 2900 level above. Overall, the market should continue to be bullish, but I think that it’s going to continue to be difficult to fight the uptrend. I think that the best thing you can do is simply die pullbacks that offer value and look at this market as offering value occasionally. Longer-term, I still believe that the market goes to the 3000 handle, but it’s going to take quite some time to get there.

The 2700 level underneath is the “floor” in the market, and I think that the 50 hour SMA of course is going to continue to have a bit of influence on this market, as you can see on the hourly chart attached to this article. Given enough time, I think it’s going to attract people as the United States economy seems to be one of the better performing ones as far as majors are concerned, and that should continue to bring a lot of attention to the S&P 500. There has been trouble between the United States and Canada recently, but ultimately I think that we will start to look beyond that and continue to go higher once that drama calms down.

S&P 500 Video 13.06.18

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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