S&P 500, Tuesday forecast, November 19
Today, there is no important news, so the equity market is going to be trading purely technical.
Forecast and technical analysis
Uptrend
The uptrend may be expected to continue, while the S&P 500 is trading above support level 3123.5, which will be followed by reaching resistance level 3138.00
Downtrend
A downtrend will start as soon, as the S&P 500 drops below support level 3115.75, which will be followed by moving down to support level 3110 and 3102.
(Click on image to enlarge)
Weekly forecast, November 18 - 22
This year inventories have increased with enough speed against the 5 years average, which can soon create a deficit on the market. At the same time, the equity market looks very optimistic in its further uptrend and all these factors are creating a potential for a further uptrend where the first target we would have will be at level 3138 and the second at level 3190.
Most important news of this week
- Wednesday: FOMC Meeting Minutes
- Friday: EU and US PMI’s
Forecast and technical analysis
Uptrend
The uptrend may be expected to continue, while the S&P 500 is trading above support level 3102, which will be followed by reaching resistance level 3138 and 3190.
Downtrend
A downtrend will start as soon, as the S&P 500 drops below support level 3102, which will be followed by moving down to support level 3076.
(Click on image to enlarge)
Monthly forecast: November - December
Uptrend
The uptrend may be expected to continue, while the S&P 500 is trading above support level 3024 - 3008, which will be followed by reaching resistance level 3190.
Downtrend
A downtrend will start as soon, as the S&P 500 drops below support level 3008.50, which will be followed by moving down to support level 2951 and 2850.
(Click on image to enlarge)
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