S&P 500 Weekly Price Forecast – S&P 500 Pressures Major Resistance Barrier

S&P 500 Weekly Forecast Video for 03.07.23

S&P 500 Weekly Technical Analysis

The S&P 500 has rallied a bit during the course of the week, as it looks like we are continuing to try to go to the upside. It’s worth noting that as the month closes out, money managers have been chasing performance, as we have seen a lot of money flowing into the same handful of stocks as usual. If we can break above the 4500 level, it opens up a much bigger move. We have recently been consolidating for a while, and therefore it’s likely that we would see a lot of upward pressure, but whether or not we can break out remains to be seen.

Short-term pullbacks to open up the possibility of a 100-point drop, but it shows quite a bit of support that traders may look at. On the other hand, if we were to break down below there, then it opens up the possibility of a move down to the 4200 level. The 50-Week EMA is just below there, and then is starting to drift higher. All things being equal, this is a market that remains “buy on the dip”, despite the fact that the economy does not necessarily suggest that.

Furthermore, the market also seems to be ignoring the interest rate situation as well, so that being said, the market is likely to continue to see a lot of noisy behavior, but ultimately I just don’t see how we break down in this type of environment. Quite frankly, Wall Street is willing to “whistle past the graveyard”, and as long as that is going to be the case, and of course all of the same “AI stocks” continue to rally, that will send the index itself higher.

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