S&P 500 Weekly Price Forecast – Stock Market Continues to Be Very Noisy
S&P 500 Weekly Forecast Video for 05.12.22
S&P 500 Weekly Technical Analysis
The S&P 500 E-mini contract continues to be very noisy, but at this point I think it’s probably only a matter of time before we see some type of decision being made, but you should also keep in mind that it is the end of the year, and that quite often will cause the “Santa Claus rally” to appear. It is possible that we will continue to look at this as a situation where people are disappointed, because we did after all get a hotter than anticipated jobs number on Friday. This has been a shock to the system, so it’ll be interesting to see where we go from here.
It’s worth noting that we are right at the 50-Week EMA, and that of course has a certain amount of technical importance, so the fact that we have resistance is not a huge surprise, especially considering that there’s a downtrend line right here as well. If we were to break down below the bottom of the candlestick, then it is likely that we could go down to the 3900 level, possibly even the 3800 level after that.
I do anticipate a lot of noisy behavior regardless, so do keep in mind that this continues to be a shaky market at best, so longer term trades are probably going to be a little bit difficult to hang onto. If we do get money managers try to pad the books at the end of the year, then it’s possible that we could see a little bit of a short spike to the upside, followed by a selloff.
For a look at all of today’s economic events, check out our economic calendar.