S&P 500 Forecast, Technical Analysis

  • S&P500, Wednesday forecast, November 6
    Today no any strong news, so equity market going to be trading technically.

    Forecast and technical analysis
    Downtrend
    The downtrend may be expected to continue, while pair is trading below resistance level 3077.75, which will be followed by reaching support level 3067.5 and 3055.
    Uptrend
    An uptrend will start as soon, as the pair rises above resistance level 3077.75, which will be followed by moving up to resistance level 3085.75 and 3091.

    Weekly forecast, November 4 – 8
    S&P updated historical high and now trading above it with good uptrend impulse. FED decided not to continue to decrease % rates as US economy now going well and same time this can be signal, that trade war between US and China can have more positive result, as markets expecting now. So this FED words was positive signal for equity market. Same time US Manufacturing PMI really show slow recovery that is positive for US economy and support ES uptrend.

    Most important news of this week
    Monday: EU Manufacturing PMI; ECB President Lagarde Speaks
    Tuesday: US Markit Composite PMI; Services PMI; ISM Non-Manufacturing PMI; API Crude Oil Stock
    Wednesday: EU Markit Composite PMI; Services PMI; Crude Oil Inventories
    Thursday: EU Eurogroup Meeting
    Friday: EU Finance Ministers Meeting;

    Forecast and technical analysis
    Uptrend
    The uptrend may be expected to continue, while pair is trading above support level 3050.50, which will be followed by reaching resistance level 3091 and if it keeps on moving up above that level, we may expect the pair to reach resistance level 3190.
    Downtrend
    An downtrend will start as soon, as the pair drops below support level 3050.50, which will be followed by moving down to support level 4024.50.

    Monthly forecast: November – December
    Uptrend
    The uptrend may be expected to continue, while pair is trading above support level 3024 – 3008, which will be followed by reaching resistance level 3190.
    Downtrend
    An downtrend will start as soon, as the pair drops below support level 3008.50, which will be followed by moving down to support level 2951 and 2850.

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