S&P 500 Price Forecast – stock markets all over the place awaiting the FOMC

The S&P 500 was all over the place to kick off the Tuesday session, as we continue to look for some type of direction. With the FOMC statement coming out, I think that a lot of traders or to simply not willing to jump in. Beyond that, my futures platform showed very low volume, and that always means a lot of trouble. · FX Empire

Christopher Lewis

Updated Tue, Sep 25, 2018, 10:50 PM

The S&P 500 continues to chop around overall, as the low-volume environment awaiting the FOMC has caused chaos. The 2920 level continues to offer support as I record this video, but quite frankly I don’t have a lot of faith in it. I do have more faith in the uptrend line underneath, but I recognize that the robots will be trading aggressively overall as the headlines come out. Unfortunately, computers aren’t necessarily as smart as some people think they are, and that means that we are likely to see a lot of whippy trading.

Honestly, my favorite playwright now is to simply avoid this market. It was very tough to trade this morning, and I’m not ashamed to say that I took a loss. I do think that the longer-term trajectory is higher, but with low liquidity and a lot of trading robots out there, you’re always can have a bit of an issue. In this type of environment, is very difficult to have a lot of faith in the moves, and that being the case it’s probably better to let volume returned to the market towards the end of the week before putting money to work. I would not short this market unless of course we get below the 2900 level, which would change a few things. However, I would need to see that on a daily close.