S&P 500 Price Forecast – the Good Friday Trading Reveals Little

S&P 500 Technical Analysis

The S&P 500 fell on Thursday to show signs of exhaustion, and quite frankly this point in time it does not give us any type of argument for the market quite yet. The inverted hammer from Tuesday is a good sign of where we are going, and if we can break down below there, I believe that the S&P 500 goes much lower. Ultimately, this is a market that will continue to go reaching towards the 4300 level, and then possibly even the 4200 level.

The market has pulled back rather significantly, and now the question is whether or not we have the momentum to continue going lower, because quite frankly I think we do. There are plenty of inflationary concerns and of course, the Federal Reserve is looking to tighten monetary policy rather drastically. If that continues to be the situation, the market is likely to go much lower. However, if the Federal Reserve does turn things around and change its attitude, it is possible that we could go to the 4500 level. Breaking above that opens up the possibility of trying to form an inverted head and shoulders.

Regardless, this is a market that has a lot to worry about, and quite frankly a lot to worry about is a situation where there is so much to think about insomuch volatility, that is going to continue to struggle going higher regardless of these issues. Short-term rallies that show signs of exhaustion will more than likely be used as entry points. With that in mind, I think we get a situation where short-term traders will continue to jump on the downside when they get a chance.

US Stock Market Forecast Video for 18.04.22

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