SP 500 Price Forecast – Stock markets run into resistance – FX Empire

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The S&P 500 has rallied during the trading session on Tuesday to come back to work showing signs of life yet again. This is a market that continues to see resistance at the 2800 level though, so keep that in mind. Ultimately, this is a market that looks like it wants the breakout but at this point we need some type of catalyst to do so. The most obvious candidate for that job: the US/China trade negotiations finally being settled.

S&P 500 Video 13.03.19

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Underneath, it’s not until we break down below the lows of the Monday session that I would worry about the uptrend, and even then it’s probably just going to be a minor pullback all things considered. Buyers are very resilient in this market, it looks as if they are more than willing to step in and pick up this market every time it dips. In fact, the short-term intraday action has been very strong during early trading, and it looks as if the value hunters are out in full force. The question now is whether or not they will be able to take over completely? At this point, it looks very likely that they will, as traders continue to find reasons to go long.

One of the biggest catalyst for this rally as of late has been the Federal Reserve being very dovish and loose with its monetary policy, and that looks to be something that will continue to be the case going forward. As long as that’s true, stocks probably get a bit of a bid.

Please let us know what you think in the comments below

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