S&P 500 Price Forecast – Stock Markets Continue to Show Volatility

US Stock Market Forecast Video for 17.02.23

S&P 500 Technical Analysis

The S&P 500 has shown itself to be rather volatile during the trading session on Thursday, as we continue to see a lot of noisy behavior. Alternatively, this is a situation where we are trying to figure out which way we are going overall, as the market has been very noisy to say the least. The market will continue to be noisy nonetheless, and if we break down below the last swing low, I think the market could go down to the 50-Day EMA, possibly even the 200-Day EMA which sits just below there.

On the other hand, the 4200 level above is a major resistance barrier that a lot of people will be paying close attention to, and therefore if we break above that level, it’s likely that we could see this market go much higher. At that point, I would anticipate seeing the S&P 500 E-mini contract looking to the 4300 level, and then eventually the 4500 level if we can break above there.

Ultimately, this is a market that has seen a lot of choppy behavior as of late, but right now we are in the midst of earnings season and that of course has its own effect on the market. With that being the case, I think you need to be nimble, but it’s obvious that there are a lot of concerns out there, so you need to realize that it is a situation where the position sizing will probably be just as crucial as anything else you do right now. Expect a lot of fake outs and strange movement.

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