S&P 500 Price Forecast – The S&P 500 Struggles for Direction

S&P 500 Technical Analysis

The S&P 500 has gone back and forth during the trading session on Thursday as the jobs number comes out on Friday. That being said, the market is likely to continue to see a lot of noisy behavior overall, therefore I think you need to be cautious about putting on any position between now and Monday. The Friday session will be volatile, but what will be interesting is where the markets end up at the end of the day on Friday after the number comes out.

From a technical analysis standpoint, it is worth noting that the 50 Day EMA above has offered significant resistance, so it does seem as if the trend is very much intact. As long as that is going to be the case, I suspect it is probably only a matter of time before we see selling pressure. That being said, if we were to take out the highs of the Tuesday session, that opens up a possible move to the 4300 level.

The market has a lot to contend with, not the least of which would be concerns about inflation, slowing growth, and possibly even the jobs market. With all of this and the fact that we are sitting at a major area of interest in the past, I fully anticipate that we should see a bit of a reaction in this market, which more likely than not will be to the downside. That being said, you have to wait to see what the market does in order to put money to work. I’d be very cautious about position sizing over the next day or two.

US Stock Market Forecast Video for 03.06.22

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