S&P 500 and NASDAQ 100 Forecast January 8, 2019

S&P 500 and NASDAQ 100 Forecast January 8, 2019
The S&P 500 rallied a bit during the trading session on Monday but gave back a bit of the gains towards the end of the day. We are approaching a major area of resistance from what I see in the form of the 2600 level, and the fact that the level had previously been so supportive previously tells me that there is a good chance that we will see sellers again in that area. I think that the first signs of exhaustion are going to bring in more sellers, perhaps reaching down to the 2500 level. I also believe that there is far too much out there that could scare the trader to keep a lot of money in this market. We are still in a downtrend, despite the recent rally. If we can break above the 50 day moving average, then perhaps we can pick up some momentum but until then I’m looking for opportunities to sell failed rallies.

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S&P 500 and NASDAQ 100 Forecast January 8, 2019