S&P 500 Weekly Price Forecast – S&P 500 Recovers to Show Signs of Life Again

S&P 500 Weekly Technical Analysis

The S&P 500 has had a volatile week again, but it is going to end up looking rather positive after initially selling off. This is a direct me to what we had seen during the previous week, suggesting that we have much further to go if we can get some type of momentum building. That doesn’t mean that the trend has changed, it just means that we are due for a bounce. At this point, I think that the market could very well threaten the 4000 level, and then maybe even get as aggressive as trying to challenge the 4200 level.

That being said, the market breaking above the 4200 level would be a major turn of events, showing a massive amount of momentum, and perhaps suggesting that the market was ready to change the overall trend. On the other hand, if we were to turn around and break down below the 3650 level, then it’s possible that we could have a scenario where the market falls apart. There are a lot of inflationary concerns out there, as well as earnings estimates going to be written down, therefore I think there is still a lot of noise above that could cause problems.

Looking at this chart, you can see it has been a pretty significant pullback over the last couple of months, but it does look like we are trying to make a bit of a stand in this area. There are a lot of questions as to whether or not the Federal Reserve is going to tighten monetary policy as aggressively as once thought, so that of course causes a lot of uncertainty.

S&P 500 Weekly Forecast Video 11.07.22

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