S&P 500 and NASDAQ 100 Forecast May 16, 2019

S&P 500 and NASDAQ 100 Forecast May 16, 2019

The S&P 500 initially fell during trading on Wednesday but found enough support again towards the 2800 level to turn around of form a nice-looking hammer. That hammer sits just below the 50 day EMA, so that’s something to pay attention to. Above the 50 day EMA is the gap lower from the Monday session that could cause a bit of resistance. If we take that out, then the market is almost certainly going to go to the 2900 level.

That being said, Monday wiped out a couple of hammers, and that is typically a very bearish signal. Because of this I am a bit leery about trying to buy this market right now as I believe we are still very susceptible to bad news. That bad news could come in the form of a Tweet, or some type of economic figure, a random statement and the news out of China, or whole host of other issues.

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S&P 500 and NASDAQ 100 Forecast May 16, 2019