S&P 500 Weekly Price Forecast – S&P 500 Shows Hesitation for the Week

S&P 500 Weekly Forecast Video for 10.04.23

S&P 500 Weekly Technical Analysis

The S&P 500 has gone back and forth during the trading week, as we try to figure out what the next move is. Ultimately, it looks as if we are trying to settle into a short-term range, with the 4100 level underneath offering support, while the 4200 level has offered resistance. The candlestick for the week is essentially a “spinning top”, which shows in the decision. I think given enough time, we have a scenario where the market is trying to figure out what it wants to do next, and I think overall there are a lot of arguments to be made for staying in a range.

All of that being said, the market could be starting a new range between 3900 on the bottom and 4200 on the top. This makes a lot of sense as traders are not overly convinced about what’s going to happen with the Federal Reserve and its monetary policy, but it does look like inflation is showing signs of slowing down and the US economy is starting to show signs of recession. That’s going to be the case, we may no longer focus on the Federal Reserve so intently, and start to focus on the fact that profits will be hard to come by for companies. All of this being said, there is a lot of noise out there right now and furthermore, it’s worth noting that risk appetite will be all over the place. In other words, it makes a lot of sense that we would see back and forth.

That being said, it’s very likely that we will continue to see a lot of noisy behavior, so I think what we will probably have to do is look at this through the prism of the daily chart to get any clarity. Right now, we are at the top of what could be a significant range, so a move to the downside might be a little bit more likely than the up, but regardless we will see lots of volatility.

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