S&P 500 Weekly Price Forecast – stock markets press previous important levels

The S&P 500 broke higher during the week, reaching towards the all-important 2600 level. It now looks as if we are going to find resistance there, but it should be said that the week is closing out rather strong.
Christopher Lewis
S&P 500 weekly chart, January 14, 2019

The S&P 500 has rallied rather significantly during the week, reaching towards the 2600 level. Ultimately, this is a market that is facing a significant amount of downward pressure in this area, and when you look at the daily chart it is likely that there is going to be a lot of noise in this area. The 20 and the 50 day EMA indicators are closing in on this important level. Ultimately, I think that we will need to make decisions based upon earnings season, the Federal Reserve, and of course the US/China trade relations.

S&P 500 Video 14.01.19

Ultimately, this is a market that I think it will be making a major decision the next couple of weeks, and therefore this is an area that could determine where we are going over the next several months. The 20 EMA, pictured in green on this weekly chart suggests that the downtrend is still very much intact, but we have a lot of noise to filter through first, so I would pay attention to the weekly candle stick when it closes. It’s not until then that I would be willing to make a longer-term trade, but I also am willing to get involved on the daily chart at the first signs of an explosion. I do think that we get a sudden move eventually, as we are at such an important crossroads. This particular week could be a bit quiet but we do get bank earnings soon so we are at the beginning of the next move.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.