S&P 500 Weekly Price Forecast – Stock markets facing major resistance

The S&P 500 did very little during the trading week, as Friday was a holiday. The volume is very low, and of course we are in the middle of earnings season. Beyond that we are at the top of the market, and of course there is a lot of resistance above.
Christopher Lewis
S&P 500 weekly chart. Markets technical analysis

The S&P 500 went back and forth during the course of the week, essentially deciding to form a neutral candle by the time we closed at the end of Thursday. The market sees a lot of resistance all the way to the 2940 handle, so keep in mind that we could very well get a bit of a pullback. That being said, there is massive support underneath and shorting the market at this point is going to be very difficult to do. If you were to do that, a break above the 2940 level would negate any idea of shorting this market. It’s hard to kill a bull, but we are most certainly in an area where the sellers could become much more aggressive.

S&P 500 Video 22.04.19

Beyond that, the market is dealing with earnings season which of course can move the S&P 500 rather erratically, so it’ll be interesting to see what happens next. A longer-term trader should be looking for value, perhaps down to the 2790 handle. Whether or not we get a move all the way to that level is debatable, but clearly that’s an area where a lot of the interest would be shown. A breakdown below that level could confirm that the uptrend is over and we could go looking towards the lows again. Ultimately, if we break to the upside we could be looking towards the 3000 handle but then again keep in mind that the 2940 level needs to be broken to get there.

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