S&P 500 Forecast Today 08/10: Previous Support Level (Video)

(MENAFN- Daily Forex)

• The S&P 500 pulled back just a bit during the trading session on Monday as we continue to see a lot of noisy trading overall.
• That being said, this is a market that I think continues to see a lot of volatility and central banks around the world cut rates causing a little bit risk on type of behavior.
• But at the same time market also has a lot to consider such as the war in the Middle East that continues to expand and of course the Ukrainian conflict has not gone anywhere either. Because of this, the market has a lot to think about to say the least.

So, with all of that being said, I think you have to consider that the market will continue to be noisy, but it will also work off quite a bit of froth and that could be what needs to happen in order for other longer-term traders to come in and pick up value or at least perceive value in the S&P 500. The 5,650 level is an area that I think will continue to be important as it was the previous resistance, and it should now end up being support.

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The 50-day EMA sits underneath there but is racing towards that area and I think you have to look at that through the prism of a market that is certainly supported. Longer term I think the S&P 500 could go looking to the 6,000 level but I also recognize that it will take a certain amount of effort to get there.

In general, this is a market that you need to be cautious about, but I don't have any interest in shorting it because quite frankly the liquidity measures alone will probably put a little bit of a bid into the S&P 500 going forward. Because of this, I have no interest in trying to fight the overall bullish trend, despite the resistance.

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