S&P 500 Weekly Price Forecast – Stock markets roll over slightly

The S&P 500 initially tried to rally during the trading week but rolled over a bit to show signs of exhaustion. Ultimately, the market looks likely to continue to struggle with the recent highs, but when you look at the longer-term picture there are a lot of variables to pay attention to.
Christopher Lewis
S&P 500 weekly chart, September 30, 2019

The S&P 500 initially tried to rally during the trading week, but then struggled again and broke down a bit. That being the case, it’s likely that we are going to continue to see a bit of volatility in the market as there are so many moving pieces out there to continue to make things muddy. That being said though, if we break above the top of the recent highs, then we probably go looking towards the top of the overall uptrend in channel, which jibes well with the move to 3100.

S&P 500 Video 30.09.19

Otherwise, if we pull back from here it’s likely that we will go looking towards the 2850 level which is a significant support level based upon the fact that it is not only where the 50 week moving average is, but also the uptrend line from the bottom of the up trending channel. With that, I believe that we will make one or two of the moves, and we can simply follow right along. I don’t expect this up trending channel to be broken to the downside, unless of course something bad happens with the US/China trade situation. If that’s going to be the case, then it’s very likely that the market will break down rather drastically. In other words, if we cleared the uptrend line from the channel, then we probably drop several hundred points. That obviously would be a complete game changer when it comes to this market.

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