Stocks trying to base (S&P 500 forecast)

Intermediate
  • An extremely erratic recovery effort to start March for global equity averages.
  • This has reflected increasing anticipation of a multilateral intervention by Central Banks and Finance Ministers in reaction to the plunge lower in stock markets around the globe with fears of the spread of the coronavirus.
  • Here we focus on recovery attempts by the future on US benchmark average, the S&P 500.

S&P 500 E-mini Future day trade outlook: Bounce and basing effort, 3182.0 key

A very erratic Monday with a lower open, bounce then setback and rebound, in reaction to bearish fatigue, to push above 3017.0 and then on through further notable resistances, to ease the immediate bear risk and set the bias tentatively higher Tuesday.

We see an upside bias for 3095.5 and 3104.0; a break above aims for 3140/42 maybe key 3182.0 and even the 3220/25 area.

But below 2987.75 targets 2942.5, which we would look to try to hold. Below aims for 2889.25 and 2853.5.

S&P 500 E-mini Future intermediate-term outlook

The latter February plunge below 3303.5 signalled an intermediate-term bearish shift.

Downside risks: We see an intermediate-term bear trend to aim for 2775.75, 2728.75, maybe 2500.

What Changes This? Above 3182.0 sees an intermediate-term neutral range and above 3260.0 a bull trend.

 Daily &P 500 E-mini Future Chart

S&P 500

Editor in chief

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

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