S&P 500 Price Forecast – Stocks Has Fallen Again During the Tuesday Session

US Stock Market Forecast Video for 09.08.23

S&P 500 Technical Analysis

The S&P 500 has fallen during the early hours on Tuesday, as it looks to test the previous resistance level just below the 4500 level. We also have the 50-Day EMA reaching toward the upside and reaching toward the market, perhaps offering a bit of dynamic support if we get down there. Keep in mind that we are in the midst of the earnings season so that of course will cause a lot of volatility. Nonetheless, this is a market that has seen a lot of concerns not only from forward guidance of major companies but also the fact that the Federal Reserve remains very tight with its monetary policy.

All things being equal, we are still very much in an uptrend, and you have to look at a potential pullback as just that, a pullback. If we were to break down below the uptrend line, which is right around the 4400 level, then we could see a little bit more in the way of downward pressure. The 200-Day EMA would then come into the picture, which of course a lot of longer term traders pay close attention to, as it is a widely followed technical indicator.

To the upside, the 4600 level has been an area of significant noise, so if we were to break above there, then we could go looking toward the 4800 level. Nonetheless, I think a lot of traders will be paying attention to not only the earnings calls but also the US dollar as well. With that being said, the market is likely to continue to see a lot of volatility, so therefore you need to be cautious as to how much money you throw into the market at any given time, and you also need to be aware of the fact that it’s typically just a handful of companies that move everything. During the Monday session, we had seen a broadening of the rally, which is typically a bullish sign, but as the big names started to drop, we are finally seeing that show up in the index itself 24 hours later.

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