S&P 500 Price Forecast – Stock Markets Ignore Stronger Than Anticipated Jobs Number

US Stock Market Forecast Video for 08.05.23

S&P 500 Technical Analysis

The S&P 500 completely shook off the stronger than anticipated employment figures in America, as perhaps Wall Street is focusing more on the idea that there might not be a recession after all than it is the Federal Reserve staying tight for longer. After all, the jobs number should have the Federal Reserve sticking with its quantitative tightening policy, and that of course is something that Wall Street doesn’t like.

Having said that, I am sure that there is a new narrative being kicked around Wall Street about how the Federal Reserve won’t be able to stop bullish sentiment and the bullish market. That’s going to be the case, it is what it is and you cannot argue with that. That being said, it’s worth noting that the stock market is also probably celebrating the fact that Apple had a decent earnings report overnight, and that alone is 7% of the S&P 500 weighting.

Ultimately, this is a market that seems like it is going to do everything it can to break out, and the highs of the week would certainly be a nice target to break above. If the market did do so, then it’s likely that he could go looking for another 100 points. On the downside, the 200-Day EMA and the 4000 level both could offer significant support, and the market quite frankly seems to be doing everything it can to go higher over the longer term. While this has been a somewhat ugly week, the reality is that the recovery on Friday probably tells you everything you need to know.

Ultimately, this is a market that I think remains very choppy, and it is probably more or less going to be a market that you need to look at through the short term perspective. After all, we are heading into the summer and that’s typically a range bound part of the year anyway, and the fact that we just don’t seem to have any traction, or perhaps don’t have enough fear out there to get the market to sell off drastically, probably lends itself to have more range bound trading ahead than anything else.

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