S&P500 continue uptrend to 3138 while trading above 3123.5

S&P500, Tuesday forecast, November 19
Today no any strong news, so equity market going to be trading technically.

Forecast and technical analysis
Uptrend
The uptrend may be expected to continue, while pair is trading above support level 3123.5, which will be followed by reaching resistance level 3138.00
Downtrend
An downtrend will start as soon, as the pair drops below support level 3115.75, which will be followed by moving down to support level 3110 and 3102.

Weekly forecast, November 18 - 22
This year inventories already have not enough increasing speed against 5 years average that soon can create deficit on the market. Same time equity market very optimistic in its further uptrend and all this factors creating potential for a further uptrend where first target we have on 3138 and second 3190. Risk for uptrend stop can bring news FOMC Meeting Minutes, but while we do not have news from trade war phase 1 and declines in US economic indicators, FOMC cant bring news unexpected information to the market..

Most important news of this week
Wednesday: FOMC Meeting Minutes
Friday: EU and US PMIs

Forecast and technical analysis
Uptrend
The uptrend may be expected to continue, while pair is trading above support level 3102, which will be followed by reaching resistance level 3138 and 3190.
Downtrend
An downtrend will start as soon, as the pair drops below support level 3102, which will be followed by moving down to support level 3076.

Monthly forecast: November - December
Uptrend
The uptrend may be expected to continue, while pair is trading above support level 3024 - 3008, which will be followed by reaching resistance level 3190.
Downtrend
An downtrend will start as soon, as the pair drops below support level 3008.50, which will be followed by moving down to support level 2951 and 2850.