S&P 500 Weekly Price Forecast – S&P 500 struggling at the highs

The S&P 500 gave back some of the gains during the week as we ended up forming a relatively neutral candle. At this point, we are waiting to see what happens between the Americans and the Chinese so it’s almost impossible to imagine a scenario where you can predict what’s going to happen next without having that information. With that being the case, pay attention to whether or not we gap higher or lower at the open on Monday. Ultimately, this is a market that should continue to be very sensitive to the bantering back and forth coming from the Americans and the Chinese and will be trading based upon how the market interprets whatever comments come out of the two sides.

S&P 500 Video 01.07.19

Obviously, the 3000 level above is a major psychological barrier, but we could find ourselves breaking through there if we get some type of good news coming from Osaka. If we pull back from here, then we simply are going to reach towards the 2900 level, possibly the 2880 level initially. Below there, we could go looking towards the 2800 level. That would be a return to the range that we have been in. The market is skittish to say the least, I think longer-term traders are going to be at a bit of a disadvantage as it has been so choppy and quite frankly unless we get some type of decisive language out of American and Chinese officials.

Please let us know what you think in the comments below