S&P 500 Price Forecast – Stock Market Continues to Look for a Breakout
US Stock Market Forecast Video for 25.11.22
S&P 500 Technical Analysis
The S&P 500 E-mini contract traded in very thin and limited trading conditions on Thursday as it was Thanksgiving, but at this point it looks like we are trying to continue the overall uptrend. The 200-Day EMA sits right around in the same area, so it does make a lot of sense that there is some confusion. Furthermore, there is a downtrend line that we need to deal with, so we can break above all of that, then the S&P 500 could very well continue to rally. At that point, the S&P 500 E-mini contract could go looking to reach the 4150 level.
On the other hand, and if it were to turn around and break down below the bottom of the candlestick on Wednesday, we could go back down toward the 3900 level, an area that has offered support recently. Breaking down below that obviously would be very negative, but at this point we should look at this as one target at a time.
I do believe that you will continue to see a lot of choppy behavior, but quite frankly right now it appears that people are happy focusing on the Federal Reserve rather than anything beyond the interest rate situation. At this point, and it is probably only a matter time before we see some type of return to focusing on the underlying companies, but right now it’s very unlikely to attract a lot of attention as the market seems to be focused on liquidity more than anything else. Ultimately, expect a lot of choppy behavior but it should be noted that Friday will have very limited trading as well.
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