S&P 500 Weekly Price Forecast – S&P 500 Continues to See Overhead Resistance

S&P 500 Weekly Forecast Video for 28.08.23

S&P 500 Weekly Technical Analysis

The S&P 500 has initially rallied during the course of the trading week, but it seems as if we are struggling with the idea of staying above the 4500 level. The Jackson Hole Symposium of course has a major influence on what’s going on, and as the market is trying to sort out the Friday session, it looks like we continue to see more or less a consolidation tone, but not necessarily one that’s going to see the market break down significantly. Quite frankly, it would not surprise me at all to see a little bit of a pullback, followed by more buying of stock, as Wall Street always has a narrative.

This has been the game for a while, Jerome Powell tells everybody that he’s serious about keeping rates higher for longer, then Wall Street comes up with some type of narrative to sell more stock. Never forget the Wall Street is in the business of selling you stocks, and they don’t make any money unless you are buying it, so you do have to be cautious about jumping all in right away.

Underneath, we have the 50-Week EMA near the 4250 level, and that’s probably a nice moving target for a complete bottom in the market. If we were to break down below there, then it could get really ugly. On the other hand, if we break above the 4500 level, that could open up a run toward the 4600 level bone, which is basically where we had seen the market tried to top out. Either way, it’s going to be very volatile, especially considering we are at the end of the holiday season.

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