Yahoo Finance S&P 500 Price Forecast – Stock Markets Plunge Again but Find Buyers
The S&P 500 has broken down again during the trading session on Thursday, reaching all the way down towards the 3000 level in the S&P 500 E-mini futures contract. Having said that, the market has bounced hard from that level and it does look as if it is trying to hang on to the 200 day EMA. If it does, that could have been the final flush in the massive selloff and correction. If the market was to break above the top of the candlestick, it’s likely that there will be a recovery. Quite frankly, there are a lot of longer-term traders out there just waiting to happen for those who are willing to step in and pick up cheap stocks.
S&P 500 Video 28.02.20
That being said, if we break down below the 3000 handle, then the market could go even lower, reaching down towards the 2900 level. Ultimately though, the resiliency of the US stock market is something to pay attention to, and if we do in fact get a close that is closer to a hammer than not, it should be noted that the previous candlestick was an inverted hammer, and that is a two candlestick pattern the typically means that you are starting to see some indecision. In this case, indecision when it comes to the selling of the contract. At this point, it certainly looks as if value hunters will be coming back in and trying to pick this market up as it has sold off far too quickly in the last couple of sessions.
This article was originally posted on FX Empire
More From FXEMPIRE:
EUR/USD Mid-Session Technical Analysis for February 27, 2020
Natural Gas Price Prediction – Prices Tumble Following Inventory Draw Miss
AUD/USD Price Forecast – Australian Dollar Gets Relief Rally as Dollar Fades
Gold Price Prediction – Prices Consolidate as US Yields Stabilize
S&P 500 Price Forecast – Stock Markets Plunge Again but Find Buyers
