S&P 500 Weekly Price Forecast – stock markets continue to look rough

The S&P 500 has fallen significantly during the week, reaching as low as 2680 or so, before bouncing. However, we have done a lot of technical damage in this market, and I think it’s only a matter of time before we continue to grind lower. Beyond that, I do see a level where the buyers would take over again.
Christopher Lewis
S & P 500 weekly chart, November 19, 2018

The S&P 500 broke down during the week, reaching as low as 2680 at one point, before bouncing rather significantly. The 2750 level is an area that has attracted a lot of attention, and we recently had seen the market struggle at the 2800 level as well. If we can break above that level, then I think the market could continue the longer-term uptrend. However, recently we have seen a lot of major damage done to the market from a technical standpoint, and I believe that the bias is somewhat negative right now. Beyond that, there are a lot of global headlines that can continue to worry equities traders, so I think that we are more of likely to see breakdowns than belt ups. However, if we were to break above the 2800 level, then I think the market will most certainly go looking towards the 2900 level.

S&P 500 Video 19.11.18

The 2600 level underneath is massive support, so if we were to break down below that level, then I think the market goes down to the 2500 level, which of course would attract a lot of attention just due to the importance of the number itself. It’s also an area that had seen a lot of buying pressure in the past, so I think it’s only a matter time before buyers would come in at that point. If we were to break down below that level, things could get ugly rather quickly. I believe that news headlines continue to make things tough in this market.

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