S&P 500 Price Forecast – Stock market still looking for direction

The S&P 500 initially tried to rally during the day on Tuesday but then turned around to reach towards the 3000 level again. Ultimately, this is a market that is simply grinding back and forth without any real direction to it. The 2980 level underneath is support, with the 3025 level above offering resistance. This is a market that has been choppy and difficult to deal with, but eventually we should get some type of impulsive candle that tells us which direction to go. If we were to break down below the 2980 level, then that’s obviously negative, just as a break above the 3025 level would send this market to the upside.

S&P 500 Video 25.09.19

If we do break down though, the 50 day EMA which is closer to the 2950 level will more than likely be your first line of defense for the buyers. It does look like we are trying to form some type of basing pattern to take off to the upside, but quite frankly the rallies have been lackluster to say the least, so if we were to break above that level, then it’s likely that we could go to the 3100 level. To the downside, if we were to break down below the 50 day EMA, it’s very likely that the 200 day EMA underneath will also targeted, but obviously with the lot of noise between here and there. All things being equal, it does look slightly bullish at this point but there’s just no urgency.

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