S&P 500 Weekly Price Forecast – Huge bearish bar for the week

The S&P 500 broke down pretty significantly during the trading week, especially on Thursday and Friday as markets grappled with the idea of the ECB suggesting there was a slowing down of global growth and of course demand. Recently, the United States have been the one place you want to put your money and, because it is the primary driver of economic growth. However, the jobs figure will have scared a lot of people off on Friday, as we only gained 20,000 jobs in the month of February in America.

S&P 500 Video 11.03.19

That being said there is still plenty of support underneath, but it looks like the 2700 level is going to be crucial. If we can break down below that then the market unwinds another hundred handles. A short-term bounce may very well be in the cards, but the 2800 level above has obviously established itself as being a massive barrier that extends at least 20 points. With that being the case, we should get some clarity soon but it certainly is not lost on me that the weekly candle stick is extraordinarily bearish.

If we do break down from here and reverse to the downside, this will be one of the most ignored signals that I can imagine, because we have seen so much selling pressure in this area. However, I’m not willing to sell until we get below the previously mentioned 2700 level. Just like from a longer-term standpoint I have no interest in buying until we get 2820.

Please let us know what you think in the comments below