S&P 500 Weekly Price Forecast – stock markets get hammered for the week

The S&P 500 gapped below the 2600 level to kick off the week, broke back above it, and then chop its way down towards the 2450 level. This is a market that looks horrible right now, and as we head into the end of the year, the so-called “Santa Claus rally” was taken out back and shot. At this point, I believe that 2400 will be targeted, and quite frankly it could happen by the time you see this video. Rallies at this point are to be sold as the 2600 level above is massive resistance.

S&P 500 Video 24.12.18

If we break down below the 2400 level, it’s likely that the 2300 level would be targeted next. Quite frankly, there are so many issues out there going on right now that it does not surprise me that this market continues to selloff. Look at rallies with suspicion until we can get above the 2600 level. Until then, you have to look at every time we rally as a bit of a set up to the downside, and quite frankly I don’t see anything getting any better. Granted, liquidity is an issue this week so I wouldn’t put a lot of money into the market anyway, and quite frankly I think they’re just simply isn’t enough in the way of wherewithal for people to put money to work between now and New Year’s Day.