S&P 500 Weekly Price Forecast – stock markets rally to close the week

Stock markets rallied a bit during the Freddie session again, showing the resiliency that we have over the last several days. In fact, the candle stick for the week is a hammer. If we can break out above the 2700 level, then the market could go much higher.
Christopher Lewis
S&P 500 weekly chart, January 28, 2019

The S&P 500 pulled back a bit during the trading over the last week, reaching towards the 2600 level before rallying rather significantly. We are closing out the week on a high note, so it’s a very good sign that we are going to continue to go higher. The hammer that forms for the week suggests to me that the buyers are going to become very aggressive, and we should continue to go higher. The 2700 level will be a bit resistive, so if we can clear that area, we would be free to go much higher. Beyond that, if you look to the left there is a WIC from a shooting star that reaches towards the 2700 level. That’s another reason for me to believe that a break above the 2700 level is assigned that we are going to go much higher. That being the case, I am bullish of the S&P 500, if her just the short term.

S&P 500 Video 28.01.19

I believe that if we break above the 2700 level, then we should go to the 2800 level next, and perhaps wipe out the entirety of the negative move, which would have us go as high as 2825. Clearly, a lot of things have changed lately, and with the Federal Reserve looking less likely to raise interest rates, I think that we will more than likely see equities benefit from that move. However, if we turn around and break below the 2600 level that turns the weekly candle stick into a “hanging man”, which is an extraordinarily negative sign.

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