S&P 500 Price Forecast – Stock Markets Wait for a Slew of Data

US Stock Market Forecast Video for 30.11.22

S&P 500 Technical Analysis

The S&P 500 looks as it is seeing a lot of noisy behavior, as we wait for a massive slew of date of this week. We have the ADP employment figures, we have the Jerome Powell speech, we have the employment figures on Friday, and of course we have the Core PCE number coming out on Thursday that a lot of people will pay close attention to, due to the fact that the Federal Reserve really likes that indicator to determine inflation.

After all, inflation is the only thing that people are thinking about right now, because quite frankly the last 14 years have been all about liquidity coming out of the Federal Reserve, and now a lot of people who desperately need liquidity to return are assuming that it will.

Ultimately, this is a situation where the market continues to fight with a 200-Day EMA, as well as a downtrend line. I think this week could be very noisy, perhaps eventually taken off in one direction or the other. If we break down below the 3900 level, that I think we could get a 3800 quickly. On the other hand, if we break above the 4100 level, then it’s possible that we could go into the 4200 level.

We are stuck between the 200-Day EMA and the 50-Day EMA, so if we break out in one direction or the other, that could kick off the next leg either higher or lower. In the short term, I suspect you are looking at more chop than anything else, so a range bound short-term trading system probably works out the best here.

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