S&P 500 Price forecast for the week of March 19, 2018, Technical Analysis

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Updated: Mar 17, 2018, 07:08 UTC

The S&P 500 initially tried to rally during the week but found the 2800 level to be a bit too resistive to continue going higher. I think the next couple of weeks are going to be very difficult, because we are currently very choppy, and I think that longer-term traders are going to need to be very patient. If we can break above the 2800 level, the market should then continue to go much higher.

The S&P 500 initially tried to rally during the week, finding the 2800 level as being far too resistant. If we could find enough momentum to break above there, then I think we go looking towards the highs again, and then eventually the 3000 handle. Ultimately, if we break down below the 2650 level, the market probably falls towards the 2500 level after that. I believe that the 2500 level underneath as the floor of the market in general, and of course the uptrend.

S&P 500 Video 19.03.18

If we can stay above there, the market should continue to have buyers interested in this market. I believe that the 3000 level above will be a very difficult target to break above, and as it was my initial target for the year, I am still aware that we could get there, but there are a lot of concerns in the market right now, and the volatility has most certainly picked up over the last couple of weeks. In the meantime, it’s probably easier to go back and forth in a short-term range bound system. Keep your position size small, it’s going to be very noisy over the next several weeks, and only add once the move has proven itself to you. You would not be shone that all for stepping on the sidelines.

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About the Author

Christopher Lewisauthor

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.