S&P 500 Price Forecast – S&P 500 Sees Resistance Above

US Stock Market Forecast Video for 19.05.23

S&P 500 Technical Analysis

The S&P 500 initially tried to rally a bit during the trading session on Thursday but runs into quite a bit of resistance near the 4200 level. By doing so, the market looks as if it is going to continue to stay in the same consolidation area as we try to figure out where things go next. Keep in mind that the S&P 500 has to deal with a lot of noise in general, not the least of which would be the idea that the Federal Reserve is going to stay tight with its monetary policy. Ultimately, I do think that the 50-Day EMA underneath should offer a certain amount of support, and therefore I think that this is a market that probably stays in this overall range.

That being said, it was nice to finally see a reasonably sized candlestick for the trading session on Wednesday, but we did not break through any barriers in that process. Because of this, I think you’ve got a situation where we will continue to see this market try to build up momentum in order to break in one direction or the other. When you look at the overall trading range that we have been in, you can make an argument for 4200 above being a major resistance barrier, with the 4050 level underneath being a significant support level. It’s also backed up by the 200-Day EMA down at the 4050 level, so that adds even more credence to that region.

There are a lot of concerns when it comes to risk appetite, and that of course has its influence on the S&P 500. The market continues to see a lot of noise in general and I don’t see how that changes anytime soon, but if you are a short-term trader, you may have the ability to make a few moves here and there with small positions. Once we break out of this range, then it’s possible that we could see a bigger move, but at this point I think you probably got a situation where it’s going to take something rather extraordinary to make that move.

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