S&P 500 Price Forecast – Stock Markets Quiet Again on Friday

S&P 500 Technical Analysis

The S&P 500 has gone back and forth during the trading session on Friday, as the E-mini contract has seen very little in the way of volatility. Perhaps it is a matter of the markets being exhausted after the last couple weeks, or perhaps we are trying to form some type of base. Nonetheless, even if we do rally from here, it’s likely that we would see plenty of selling pressure near the 3800 level, maybe even the 50-Day EMA which is near the 3940 level.

Ultimately, this is a market that is going to continue to see a lot of selling pressure, therefore I think we have a situation where the rallies will be faded. After all, earnings are miserable, and the earnings outlook is even worse. If we break down below the 3600 level, then the market is likely to go looking to the 3500 level. Ultimately, this is a situation that has been difficult for a while, and ultimately, I think we are taking a little bit of a breather after this plunge lower.

Either way, I don’t have any interest in trying to get overly aggressive one way or the other, at least not until we get into the next week, as traders will start to focus on something else. Ultimately, it’s interesting that the Friday session was rather indecisive, as there just is no willingness to start buying. The market will continue to look at the overall economic situation with trepidation, so at this point in time I think any bullish pressure should be squashed rather quickly. The US dollar spiking of course will also have its own effect on this market.

US Stock Market Forecast Video for 03.10.22

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