Yahoo Finanza S&P 500 Price Forecast – Stock Markets Continue to Struggle
The S&P 500 initially tried to rally during the trading session on Tuesday but gave back the gains rather quickly. Ultimately, the market looks as if the 3350 level is going to cause some issues, and then beyond that we also have a significant amount of resistance at the 3400 level. Ultimately, this is a market that I think still has to prove itself to break above the 3400 level, and in the meantime I think it is most likely that we are going to see a bit of back and forth between the 3400 level on the top, and the 3200 level on the bottom.
S&P 500 Video 30.09.20
This makes quite a bit of sense, considering that the market is essentially waiting on the presidential election, coronavirus numbers, the US dollar, and a whole slew of other issues. Further compounding some of the noise is that the end of the quarter and month are currently happening, so that means that there is probably a certain amount of rebalancing going out there by fund managers. In other words, this could be a scenario where we get quite a bit of noise and to simply chop back and forth. The US dollar has shown an extreme negative correlation to the S&P 500, so if they dollar does start to get a bit of a bid, that could send the S&P 500 lower if the recent past is to be believed. If we break above the 3400 level, then it is likely that we are going to go looking towards the 3600 level. A break down below the 3200 level could open up a move down to the 200 day EMA.
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This article was originally posted on FX Empire
