S&P 500 Price Forecast – Stock Market Waits for Jackson Hole

US Stock Market Forecast Video for 24.08.23

S&P 500 Technical Analysis

On Wednesday the S&P 500 had a small rally, going up past the high point of that hammer pattern they saw last Friday. Right now, it seems like they’re trying to gather up the gains and get past that 50-Day EMA thing. If they can do that, they might aim for that 4500 level and maybe even push for 4600 after that.

On the flip side, if things suddenly change and they go down below the low point of that hammer pattern, we could see the market go back toward that 200-Day EMA thing, which is sitting close to 4250. Right now, it looks like they’re trying to find a balance. But we’ve got to remember that whatever the head of the Federal Reserve says at that Jackson Hole Symposium on Friday could shake things up. What they say has the power to change how people think about what the central bank is going to do next.

With all the back-and-forth happening, the market’s feeling pretty uncertain. As we head into next week, get ready for prices to swing quite a bit. Lots of traders will be trying to figure out what Jerome Powell is talking about. And all the talk about the market adds even more confusion. Given all that, it’s not a bad idea to watch out for chances to buy, but it’s smart to be cautious about how much you’re putting in, especially when everyone’s got their own ideas about what’s coming. No matter which way things go, there’s likely to be a bit of uncertainty for a while.

Let’s say things change and they drop below the bottom of that hammer pattern. That could set off a bunch of selling, kind of like a chain reaction. In response, the market might try to find its balance again, working to start moving up like it was before. But if those efforts don’t work out and they fall through that important point, we could be looking at a pretty quick and sharp drop, which might lead to a period of bumpy times for the market.

So, in a nutshell, lately, the S&P 500 has been going up a bit, kind of following that hammer pattern they saw last Friday. What comes next depends on how they handle that 50-Day EMA, and we’re also keeping an eye on what the head of the Federal Reserve says.

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