S&P 500 Price Forecast – Stock markets continue to grind sideways
The S&P 500 went back and forth during the trading session on Wednesday as we await to see what the FOMC Meeting Minutes a day. However, it’s very unlikely that we have a huge move, as I think we are essentially stuck in the middle of a 100 point range. The 2800 level underneath is massive support, just as the 2900 level above is massive resistance. Looking at this chart, I think we are essentially trying to figure out what to do longer term, but at this point I think you can figure on going back and forth.
S&P 500 Video 23.05.19
If we do break above the 2900 level, the market is very likely to go towards the 2950 level, perhaps breaking above there to go towards the 3000 level. Alternately, we could probably turn around to break below the 2800 level, and that of course would send this market much lower, perhaps down to the 2700 level at that point I think there would be a lot of concerns.
At this point in time, the market is stuck between two uptrend lines as well, so we need to pay attention to that. At this point in time, it’s likely that the market will be very jittery, but in the next 24 hours I’d be surprised if we break out of this range. As we are in the middle of this range, I don’t expect much in the way of trading opportunity. At this point I’m on the sidelines waiting for a breakout.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
