S&P 500 Price Forecast – Stock Market Continues to Rally Toward Jobs Figure

Christopher Lewis
Published: Feb 2, 2023, 15:49 UTC

The S&P 500 has rallied a bit during the trading session in the E-mini contract on Thursday, as it looks like we are hell-bent on reaching the 4200 level.

Wall Street, FX Empire

In this article:

US Stock Market Forecast Video for 03.02.23

S&P 500 Technical Analysis

The S&P 500 has rallied a bit during the trading session on Thursday, as it looks like we are going to try to get to the 4200 level. At this point, the market will more likely than not see a bit of selling pressure, but we also have the Non-Farm Payroll announcement coming out, so that something worth paying attention to. A pullback at this point in time probably would be due to high numbers, as people will begin to worry about the Federal Reserve again and whether or not they are going to be forced to continue to tighten the monetary policy.

The 200-Day EMA is sitting just above the 4000 level, and that of course would be an area where a lot of people would pay close attention to, as the round figure is obviously going to attract a lot of attention. If we break down below the 200-Day EMA, then the market could very well test the 50-Day EMA under. A lot of this comes down to whether or not people believe that the Federal Reserve will continue to be tight and slow down the economy. After the announcement on Wednesday, it seems like the market isn’t really that interested in what the Federal Reserve has to say, at least not at the moment.

You should also keep in mind that there is a lot to pay attention to as we are in the midst of earnings season, so it does make a certain amount of sense that volatility will probably pick up, not drop. If we can take out the 4200 level after the jobs number, this thing is going to go towards the 4300 level rather quickly.

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

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

Did you find this article useful?