S&P 500 Weekly Price Forecast – Stock Markets Get Hammered for the Week

The S&P 500 has initially tried to rally during the week, but then gave back the gains above the 3200 level. At this point, the market then broke down rather significantly, and crashed into the 3025 handle. This is an area where we have seen some support at, so at this point I think the market is going to go back and forth, trying to figure out where to go next. I do believe that the market is likely to see a lot of back and forth and choppy trading, but quite frankly we had gotten a little bit ahead of ourselves. At the very least, we do need to try to pull back and find some future buying pressure. If we do not get that, then I think we simply bang around in about a 200 point range right now.

S&P 500 Video 15.06.20

If we were to break above the 3200 level, then the market is going to go looking towards the highs again. The 3400 level will continue to be a massive resistance barrier, and while it seems difficult to get above anytime soon, it should be noted that the NASDAQ 100 already broke out to the upside. The candlestick for the week is rather negative, so if you look at the last two weeks, it does form a bit of a shooting star. This is something worth watching, but I do not necessarily think that it is actionable information quite yet. All things being equal I would anticipate that this market probably goes back and forth for a while.

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