S&P 500 Price Forecast – Stock Market Has a Quiet Exit Before Christmas – FX Empire

The S&P 500 E-mini contract has gone back and forth during the trading session on Friday, as it looks like we are going to see the market settle in just below the 3900 level. Ultimately, this is a market that I think is trying to figure out what to do with itself next, but the next several sessions will more likely than not be choppy and un-consequential. Because of this, I would not be looking to trade big positions, but if you are short term range bound trader, you may find this market quite agreeable for the next several sessions, at least until we get into the month of January.
If the history of this contract serves as a guide, it’s more likely than not going to be a situation where we really start to pick up volume again after the jobs number comes out in the beginning of January. Ultimately, this is a situation where I think that we still stay within a larger down-trending channel, which has a top just above the 200-Day EMA, and the crucial 4000 level. I will be looking to fade rallies at the first signs of exhaustion going forward, but the next couple of days will probably be more or less back and forth.
Once we get through the holidays, then we will see more realistic trading movement. If we break down below the 3800 level, then it could open up the possibility of a move to the 3700 level, perhaps even down to the 3600 level underneath.
For a look at all of today’s economic events, check out our economic calendar.

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