S&P 500 Weekly Price Forecast – S&P 500 very noisy during the week

The S&P 500 has formed a slightly exhaustive looking candle, and I think that the 2800 level above continues to be a major barrier. If we can break above there, then the market will more than likely go looking towards the 2900 level again. I think at this point, it’s likely that the uptrend line on the weekly chart should continue to hold the market, but that would be a significant selloff to say the least. I think at this point, it looks as if the stock markets are bullish in general but it’s likely that the trade war fears will continue to be a major problem. A pullback at this point should attract a lot of attention near the 2750 handle, and then of course the 2700 level before we even get to the uptrend line.

I still believe that longer-term we go looking towards the 3000 level, but the pullbacks should be looked at as an opportunity to pick up value. In fact, that would be my favorite trade, as it gives us an opportunity to pick up value in a market that is obviously bullish. It’s been very noisy as of late, but we are still in a structural uptrend, and that isn’t changing anytime soon. I think that the market will continue to favor the upside, but we need some type of consolatory tone coming out of either the US or China.

S&P 500 Video 18.06.18