S&P 500 Price Forecast – S&P 500 Pulled Back to 50 Day EMA

The S&P 500 has fallen a bit during the course of the trading session on Friday, to reach down towards the crucial 50 day EMA. The 50 day EMA of course is a technical indicator that a lot of people will pay close attention to, and therefore it is not a huge surprise to see this market offer a little bit of support. That being said, the market is likely to continue to see plenty of opportunity on these dips. On the other hand, the market will continue to see plenty of value hunters out there and I do think that it is probably only a matter of time before we turn things around.

S&P 500 Video 10.01.22

Granted, the Federal Reserve is looking to raise interest rates but at the end of the day there are already people out there suggesting that perhaps the Federal Reserve is painted in a box and more than likely will continue to be loose with their monetary policy due to the fact that raising rates too much will crash the stock market, and therefore the economy. All things being equal, this is a market that continues to show itself being in an uptrend channel, and therefore I think we continue to see a lot of back and forth with an upward pressure.

The 4500 level underneath will continue to be massive support, so if we break down below there then I might be a buyer of puts, but that is as negative as I get with the S&P 500 or other US indices for that matter. All things been equal, I fully anticipate that the market will turn around and try to get to the 4800 level sooner rather than later.

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