S&P 500 Price Forecast – Stock Markets Continue to Undulate

US Stock Market Forecast Video for 09.02.23

S&P 500 Technical Analysis

The S&P 500 has gone back and forth during the trading session on Wednesday, as we continue to see a lot of choppiness in this market. Right now, it looks as if we are hanging around the 4150 handle, with the 4200 level above offering resistance, and 4100 offering support just below. Any move below there then starts to look towards the 4000 level, were we have a line of interest due to the fact that it is a large, round, psychologically significant figure, as well as the 50-Day EMA and the 200-Day EMA.

I do believe at this point in time, the market looks more bullish than bearish, but the fundamentals certainly don’t line up. Because of this, I think it is probably only a matter of time before we see something nasty happen, but right now it looks like it remains a “buy on the dips” scenario.

If we can take out the 4200 level, that opens up the next 100 points to the upside. Conversely, if we were to take out the moving averages underneath near the 4000 level, that could kick off a major selloff, probably incongruence with a general “risk off scenario” around the world. If the US dollar suddenly spikes, that may be a catalyst, if yields spike, that also should drive the value of the US dollar higher, therefore I think it would open up the possibility of a rather big move as well. Either way, we are in the midst of earning seasons of that of course causes some kind of volatility in its own right.

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