S&P 500 Price Forecast – Stock Market Gets Slammed on Thursday

US Stock Market Forecast Video for 23.12.22

S&P 500 Technical Analysis

The S&P 500 has pulled back from the 50-Day EMA, showing signs of hesitation yet again. Looking at this chart, it’s obvious that the market is starting to struggle again, and I think as we head into a less liquid time of year, the moves could be rather erratic. This will be especially true next week, as it is the week between Christmas and New Year’s Day, so therefore most traders probably won’t be bothered.

The 50-Day EMA above is a major technical indicator that a lot of people pay attention to, so therefore it’s not surprising that it has offered a little bit of resistance. With that being the case, this pullback could represent a continuation of the overall negativity that we have seen, but if we were to break above the 50-Day EMA, we may see this market are looking to reach the 200-Day EMA above, near the 4013 level. Speaking of that level, the 4000 level seems to be offering a bit of psychological resistance as well, so pay close attention to it.

Keep in mind that there is a global recession coming, so the likelihood of the S&P 500 truly taking off is probably a bit of a stretch. Because of this, the market is likely to be very noisy, and I think we will continue to see more of a “fade the rally” type of situation. Because of this, I’m not looking to buy this market, but I am looking at short-term rallies as an opportunity to get short yet again. I think the stock market is about to have another like lower.

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