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

S&P 500 Technical Analysis

The S&P 500 continues to fail in upward momentum, as we are starting to see exhaustion yet again. This is the second day in a row that the sellers have jumped in and started pushing lower, suggesting that the downtrend is still very much intact. Because of this, I think it is probably only a matter of time before we break down, perhaps reaching the 3800 level. Corporate earnings are going to be worse this quarter than they were last quarter, and concerns about a recession and inflation both way upon the market. Because of this, I think it is more likely than not we will see plenty of fear when it comes to the stock market.

If we were to turn things around and break above the highs of the last couple of days, that would obviously be a very good sign, but right now I just don’t see that happening. Quite frankly, this is a market that has too much working against it, not the least of which will be rising interest rates in the United States and a tightening Federal Reserve.

The 3700 level underneath could be the target over the next several weeks, but it’s clear to me that buying is very risky and to do, to say the least. There are some people out there chattering about “end of month rebalancing”, but that to me seems to be over with based upon the volume surge that we had seen on Friday. With this, I continue to fade short-term rallies as this market looks anemic to say the least.

US Stock Market Forecast Video for 29.06.22

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