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S&P 500 Price Forecast – S&P 500 rallies on Friday

Christopher Lewis
Updated
The S&P 500 rallied a bit during the Friday session, gaining over 0.5% during the day. The market has found support at 2750, which of course is a large, round, psychologically significant figure.

The S&P 500 rallied during the day, gaining half a percent by the time I recorded this video. The 2750 level has offered support, and we have made a “higher low” on the hourly chart. This is a good sign, and I think that the market could continue to go higher mainly because of this technical signal and the fact that we have seen a longer-term uptrend anyway. However, if we turn around and break down below the 2745 handle, then I think the market making a “lower low” would signal that the market may roll over again, perhaps reaching to the 2700 level underneath which I think is the bottom of the uptrend.

I expect see a lot of noise in this market, because quite frankly that the noise surrounding trade tariffs will continue to be an issue that people struggle with. I think that the markets are going to continue to be erratic because of this, and of course the fact that we may be a little bit ahead of ourselves in general. I also recognize that the 2800 level above is massive resistance, so therefore it might be a bit difficult to break above there, but once we do it’s very likely that we could go much higher. If we break above that level, I would anticipate that eventually we go to the 2900 level, and that eventually my longer-term target of 3000.

At this point though, much of what is driving the market is emotionally based and therefore it is very difficult to trade this market. I would be cautiously optimistic at this point and keep Mike trading position small.

S&P 500 Video 25.06.18

This article was originally posted on FX Empire

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