S&P 500 Price Forecast – Stock Markets Quiet to Open Up Holiday Week
US Stock Market Forecast Video for 22.11.22
S&P 500 Technical Analysis
The S&P 500 E-mini contract has done very little during the trading session on Monday, as it sits just above the 3950 level, but also just below the 200-Day EMA which is at the 4025 level. Ultimately, I think this is a market that will be making a bigger decision soon, but right now it appears that Wall Street is still looking for the positive narrative, and therefore one would have to assume that there are certain amount of people out there willing to buy stocks based upon the idea of the “Santa Claus rally.”
If the market does break down from here, the 50-Day EMA comes into the picture, right at the 3863 level. That is an area where I would expect to see a significant amount of pushback to any selling. If we break down below there, then we could threaten the 3800 level and a more significant breakdown.
That being said, keep in mind that we are still trying to price in a recession, and even though we’ve had a nice recovery as of late, the reality is that the market is still in a downtrend, and we have even seen the 200-Day EMA and the downtrend line come into the picture and offer at the very least some psychological resistance.
If the US dollar continues to pick up, then we could very well see that way upon the S&P 500 as well. Given enough time, I would fully anticipate that the market will have to make a bigger breakout, but as this is Thanksgiving week, it’s very likely that it might be waiting for that to happen.
For a look at all of today’s economic events, check out our economic calendar.