S&P 500 Price Forecast – S&P 500 Hovers

US Stock Market Forecast Video for 13.09.23

S&P 500 Technical Analysis

The S&P 500 has done very little in early our trading in S&P 500 futures, as we are waiting to see whether or not the market can continue to go to the upside. Underneath, the 50-Day EMA should offer a significant amount of support, as it is a technical indicator that a lot of traders will be paying close attention to. If we were to break down below the 50-Day EMA, the market could drop down to the 4400 level, perhaps even lower than that.

On the other hand, if the market were to break above the highs of the last couple of weeks, then the market could go reaching toward the 4650 level and the recent high. The recent high will have a lot of influence on what happens next, therefore it’s likely that we continue to see momentum jump into the market in that case, and it’s probably worth noting that Wednesday will feature the CPI numbers, which will be a major mover of markets, as traders are trying to figure out the future moves of the Federal Reserve. After all, the stock markets have moved basically on the Federal Reserve over the last 13 years, and I just don’t see that changing anytime soon. Ultimately, this is a market that I think continues to see a lot of volatility, and I do believe that the Wednesday session could be the driver of where we are going next.

Technically speaking, we are still very much in an uptrend, so I do prefer “buying the dips” as we go forward, but I also recognize that we have a situation where the market probably continues to see a lot of indecision and confusion, so therefore the most important thing you can do when looking at the S&P 500 is to pay attention to the heavily weighted technology sector, which of course has a huge influence on where we go next.

It’s all the usual suspects, such as the “super 7”, or “great 8” or whatever nickname they have for the top handful of stocks that push the index due to their weighting. The earnings season came and went, and now we are starting to see momentum being built due to not only interest-rate expectations, but the fact that more volume is in the market than there was last month, as vacation season is over.

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