S&P 500 Weekly Forecast – Stock Markets Pulled Back to Kickoff September

S&P 500 Weekly Forecast Video for 11.09.23

S&P 500 Weekly Technical Analysis

The S&P 500 has fallen a bit during the course of the trading week as volume came back to Wall Street. All things being equal, it looks like we are essentially going to go back and forth and therefore I think we’ve got a situation where we continue to consolidate and look for some type of momentum to go forward. All things being equal, if you look at the chart you can make an argument for a bullish flag. The 4600 level above being broken to the upside could kick off quite a bit of buying pressure, and therefore kickoff a very big move.

Any pullback at this point in time probably attracts a certain amount of buying based upon value, and the 4400 level underneath is an area that I think comes into the picture as a potential support level. In general, I don’t have any interest in shorting this market, at least not until we break down below the previous low, so we do have some distance to go before that is something that I am going to be doing.

If we can break above the most recent high, then I think the market goes looking to the 4800 level. Ultimately, this is a market that I think continues to see a lot of volatility and choppiness, as we continue to go looking for some type of longer-term move. Keep in mind that the volume coming back from summer break also has a major influence on what happens next, and therefore it may take a few weeks to sort everything out. Sooner or later, we could go higher, but we need some good news to start getting bullish again.

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