S&P 500 Weekly Price Forecast – stock traders turn bullish for the week

The S&P 500 broke down during the week, reaching to the 2600 level underneath, which is an area that has been important more than once. By bouncing the way it has from there, it shows that there is still some resiliency in this market, and I think that the 2750 level above is resistance. This makes sense, because there is a shooting star from a couple of weeks ago, which is a strong sign of resistance. At this point, the market continues to be a bit skittish, and I do think that there will be days or even weeks that we sell off quite drastically, but at this point it looks like we are at least trying to stabilize. Longer-term investors will probably be paying attention to the 2500 level underneath as a major floor, and at this point I think that there are still a lot of traders out there that are looking to aim towards the 3000 handle.

S&P 500 Video 05.11.18

There has been a lot of technical damage in the stock markets, so it makes sense that we could continue to struggle. I think that longer-term traders are probably looking to pick up value but if you choose to do the same thing I would do so in very small increments as it won’t take much in the way of fear and negative headlines to push this market lower again. I think at this point it’s only a matter time before we get a pullback. However, the pullback could be a potential buying opportunity.