S&P 500 Price Forecast – Stock Markets Await Thanksgiving Holiday

US Stock Market Forecast Video for 23.11.23

S&P 500 Technical Analysis

The S&P 500 has shown itself to be bullish on Wednesday, as we continue to see a lot of upward pressure, but at the end of the day, we also have to keep in mind that the Thanksgiving holiday will have the market closed, and therefore it’s likely that we continue to see a lot of choppy behavior. Ultimately, I think this is a situation where we have the upward pressure continuing, but we also have to keep in mind that we are a little bit stretch. At this point, I think we’ve got a situation where the market will sort things out given enough time, and there’s a couple of different things that will keep a little bit of downward pressure on the market.

Ultimately, this is a market that has plenty of buyers underneath, especially near the 4500 level, and then after that we also have the 50-Day EMA indicator coming into the picture. I do think that we more likely than not will find plenty of interest in driving this market higher into the end of the year, but we need to see some type of pullback in order to offer value. After all, markets cannot go straight up in the air forever, and it has been a bit of a huge surprise.

In general, this is a market that the buyers have very much grabbed onto the idea that the Federal Reserve is going to either pause its monetary policy, or at least possibly even loosen it over the longer term. In general, this is a situation where the market is likely to see a lot of volatility, but the latest “hopium” out there will continue to see people glom on to the idea that they will finally get cheap money. Interest rates have fallen a bit in the United States, but they are still elevated, and of course there are a lot of concerns out there about the economy. As we have seen over the last 15 years though, Wall Street cares very little about the economy, and more about the flow of liquidity coming from the central bank.

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