S&P 500 Weekly Price Forecast – Stock Markets Banging Against Ties
The S&P 500 rallied a bit during the trading week, especially on Friday as we slammed into the highs. With that being the case is likely that the market will continue to make an attempt at a breakout. If we can break above the highs which are just a few points above where market conditions are now, then it’s likely that the market could go to the upside. With that, it could be the next leg higher in the stock markets and this will more than likely be exacerbated next week as the Federal Reserve is likely to cut rates on Wednesday.
S&P 500 Video 28.10.19
Beyond that, traders will be paying attention to quantitative easing going forward and of course the overall statement. Traders will be looking for the opportunity to take advantage of cheap money, which has fueled the market the last 12 years or so. Pullback to this point should continue to find plenty of support at the 50-week EMA, which has been very reliable for support. At this point, it’s likely that we will continue to see a lot of volatility, but I still believe that there is a lot of upward momentum in this market. Selling is in a thought until we break significantly below the 2800 level, and the only thing at this point that can make that happen is more than likely going to be the Federal Reserve disappointing the markets.
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This article was originally posted on FX Empire
