S&P 500 Price Forecast – Stock Market Gives Up Early Gain

US Stock Market Forecast Video for 13.12.23

S&P 500 Technical Analysis

The S&P 500 has initially rallied overnight, but it looks like as we head into the actual trading session, there might be a little bit of hesitation. After all, we are a little overbought, but I would not be a seller at this point. After all, the market is likely to continue to see a lot of questions about the fact that we are overdone, but ultimately, this is a situation where the market may pull back into the previous consolidation, where I think there will be a lot of buyers out there willing to get involved.

Underneath, I believe that the 4550 level is the short-term floor, and at this point in time I don’t think we drop down below there, unless of course Jerome Powell shocks the market during the press conference or interest rate decision on Wednesday. If we break down below there, then it’s likely that the market could go looking to the 4500 level. That’s an area that I would be paying close attention to, and therefore it’s likely that it should also be massive support.

Ultimately, I think that there could be people out there willing to step in and take profit at this point, as they don’t want to get caught up in what happens during the central bank announcement. That being said, it’s also possible that the market could continue to see a lot of volatility and lack of liquidity. With this, I think it’s a situation where the markets will see a lot of noisy behavior, so be cautious about your position sizing.

Ultimately, Wall Street will find some type of reason to go higher, but I don’t necessarily think it’s going to be easy. Because of this, this is a market that will continue to be noisy, but it is very much in an uptrend and I don’t think that will change unless we get some type of massive shock coming out of the Federal Reserve. If we break above the high of the trading session on Tuesday, then we have about another 100 points before we hit the previous all-time high, which obviously would capture a lot of attention as well.

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