S&P 500 Price Forecast – Stock Markets Await Slew of News
US Stock Market Forecast Video for 01.12.22
S&P 500 Technical Analysis
The S&P 500 has been relatively quiet during the day on Wednesday, as the world awaits a speech from Jerome Powell, the Core PCE figures, and of course the jobs number on Friday. All of this could cause a lot of volatility, so it’s not a huge surprise to see the people were taking a bit of a break. I think at this point it would make a certain amount of sense that we chop around aimlessly, looking for some type of direction. I do think that given enough time we will see the market have to make a move, and I suspect that there is a real possibility that Jerome Powell may disappoint some people.
That being said, if we were to take out the 4050 level, then I think we could go to the 4100 level, possibly the 4200 level in the fabled “Santa Claus rally” that people expect every year. Nonetheless, if we break down below these 3900 level, then we could see a dip towards 3800 rather quickly. Keep in mind that there are a lot of moving pieces out there at the moment, and of course a lot of people are concerned about the global growth picture, which is not very healthy to say the least. Everybody knows we are going into a recession, and now some of the financial channels are even trying to suggest that the recession “has already been priced in.” It’s nonsense, but it’s what you’re hearing on the airwaves.
For a look at all of today’s economic events, check out our economic calendar.