S&P 500 Price Forecast – Stock Market Deals With Huge Jobs Miss
The S&P 500 has done almost nothing during the trading session on Friday, as we have slammed back and forth after the huge jobs miss for the previous month. The 50 day EMA is a technically relevant indicator the people will pay close attention to. The market currently sits just below the 4400 level, which in and of itself could cause certain issues. Furthermore, we have broken through a couple of trendlines, although it seems very messy. After all, the two trendlines are very close so you can almost think of this as one big “thick trendline.”
S&P 500 Video 11.10.21
If we were to turn around a break above the shooting star from a couple of weeks ago, it opens up a move above the 4500 level. On the other hand, if we turn around and break down below the bottom of the candlestick from the Thursday session, we could go looking towards the 4250 level. The 4250 level being broken down below could open up a move down towards the 200 day EMA.
At this point in time, the market will remain very volatile, and it should make a certain amount of sense that we have recently seen this correction, because quite frankly the S&P 500 had no substantive pullbacks over the last several months. Longer-term, I think we still go towards the all-time highs, but it is going to take a significant amount of momentum to make that happen. If we do break down below the 4250 handle, then I will be a buyer of puts, because you cannot short these indices as they are so heavily influenced by the Federal Reserve.
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