S&P 500 Price Forecast – The Stock Market Is Attempting To Stabilize
S&P 500 Technical Analysis
The S&P 500 has been rather quiet during the trading session on both Wednesday and Thursday, which is probably a good sign considering just how negative things had been during the previous session. Ultimately, the market is somewhat stabilized, so that of course is a good sign. Ultimately, I think this is a market that given enough time will probably attempt to bounce, but I also recognize that there is a lot of negativity out there, and therefore it’s difficult to imagine that the market is suddenly going to become bullish. Quite frankly, I anticipate that we see a little bit of a bounce, and then a lot of selling.
There is a Federal Reserve meeting next week that a lot of people will be paying close attention to, so that might be part of what is driving the market, but right now I believe that we are simply waiting for “the next shoe to drop.” If and when that happens, we will break through the 3900 level, and then continue to go much lower. I do believe that given enough time, we could retest the lows, especially as the Federal Reserve is set to be extraordinarily hawkish, which of course is something that stock traders absolutely hate.
The 200-Day EMA is sitting at the 4160 level and perhaps more importantly, the top of that nasty candlestick from Tuesday. We would have to break the top of that to have me believe in the resiliency of a rally. That would take an incredible amount of inertia, so I’m just not waiting with baited breath on that one. Ultimately, I think this is a market that goes lower over the longer term.
US Stock Market Forecast Video for 16.09.22
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