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S&P 500 Price Forecast – stock market closed, futures market quiet

With that being Presidents’ Day in the United States, it’s a holiday for stock market traders. That being the case, the futures market would be very thin and was a shortened electronic trading session anyway.

The S&P 500 futures contract was very quiet during the session on Monday, which would be expected as the underlying index was close. I think at this point it’s likely that the market has a lot of work ahead of it though, because we are approaching a major resistance barrier. With that in mind, I believe that the 2800 level is going to continue to cause major issues. If we can break above there significantly, then we can continue to go much higher.

S&P 500 Video 19.02.19

Pullbacks at this point will probably attract buying pressure though, at least all the way down to the 2700 level. If we were to break down below that level, then I think that could change a lot of things. This is a market that continues to be very interesting to me, because we have so many different moving pieces around the world. The US/China trade relations of course will take center stage overall, but we also have the Federal Reserve out there that can continue to keep a soft and dovish stance, which of course is bullish for stocks.

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At this point though, I think we probably need a little bit of a pullback and it should be noted that the volume on the way back up has been much lower than the selloff. It is because of this that I believe a pullback is more likely than not in the short term. The question is whether or not we can get above that 2800 region?

Please let us know what you think in the comments below

This article was originally posted on FX Empire

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