S&P 500 Weekly Price Forecast – Stock markets have a bullish week

The S&P 500 has formed a bullish and somewhat outside candle stick, so it now looks like we could go higher, perhaps reaching towards the 3000 handle. To the downside, I believe that the 2800 level is the “line in the sand for buyers, so if we were to break down below there it’s very likely that we would go lower. However, as traders are starting to see the Chinese and the Americans play a little nicer with each other, I think the market is probably going to try to rally.

S&P 500 Video 02.09.19

Beyond that, it’s very likely that the traders out there are assuming that perhaps the tariffs may be pushed back, and if that’s going to be the case it’s very likely that this market probably goes higher. That being said though, it’s also possible that if we get negative news and the form of tariffs being levied, it’s likely that the market will break down and go much lower. In that scenario, I think that we probably reach down towards the 2600 level longer-term. However, it certainly looks as if the buyers made some type of statement during this week, so even though the Friday candlestick is a bit of a shooting star, I think there is a lot of bullish pressure underneath that is starting to build up, as we are starting to try to build up a base to go back to the highs again.

Please let us know what you think in the comments below