S&P 500 Price Forecast – E-mini Contract Finds Buyers On Dip

US Stock Market Forecast Video for 13.02.23

S&P 500 Technical Analysis

The E-mini S&P 500 contract initially fell during the trading session on Friday but found buyers underneath the show signs of life again. By doing so, it looks like we are ready to go higher, perhaps trying to get to the 4200 level. If we break above the top of the candlestick, that could be a very bullish sign. On the other hand, if we were to break down below the bottom of the candlestick, then it is possible that we go down to the 200-Day EMA. The 4000 level is also backed up by the 50-Day EMA and is also where the downtrend line currently resides. Furthermore, that’s an area that a lot of people would be paying attention to.

On the other hand, if we were to break above the 4200 level, it’s likely that we could see the market really start to take off, perhaps reaching towards the 4300 level. That’s an area that obviously is a large, round, psychologically significant figure, but more importantly, an area that has seen action in the past. Quite frankly, being in the middle of earnings season makes is a very noisy market, and I think that will continue to be the case.

Whether or not we hold this stability into the weekend will tell us quite a bit, but quite frankly I think this is a market that is trying to figure out what it wants to do. Yes, there are the permabulls out there that are buying on every dip, but the reality is that the economy will be slowing down later this year, and eventually that will hit the stock price of most corporations.

For a look at all of today’s economic events, check out our economic calendar.