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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.

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