S&P 500 Price Forecast – Stock Markets Give Up Yet Again

S&P 500 Technical Analysis

The S&P 500 has seen futures roll over just below the 4100 level, an area that I have been talking about for several days. This is an area that had previously been supported, and “market memory” comes into the picture to offer resistance. In fact, that resistance should extend to the 4150 level, but as you can see we have fallen before even seriously attempting a breakout. By falling the way we have, it does look like we continue to see a lot of concerns in the stock market, it is probably worth noting that Target announced during its earnings that a slowdown is coming. This has a lot of people worried about the US consumer, and therefore we have seen a lot of negativity.

If we were to turn around a break above the 4150 level, there is still a significant amount of resistance that extends all the way to the 4300 region, so I am not looking to buy this anytime soon. In fact, I suspect that we are going to test the lows again, which are closer to the 3850 level. If we break down below there, then we probably start to see an acceleration to the downside. I believe at this point Federal Reserve not coming to the rescue is finally entering the minds of some of the thick skulls on Wall Street, and this is reflected in the price.

Regardless, I do not have any interest in trying to buy this market anytime soon, because quite frankly it is a disaster at this point. Until the Federal Reserve changes its tune, or economic data gets better, the S&P 500 is still a “sell the rallies” situation.

US Stock Market Forecast Video for 19.05.22

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