S&P 500 Weekly Price Forecast – Stock Market Has a Tough Week Again

S&P 500 Weekly Forecast Video for 13.03.23

S&P 500 Weekly Technical Analysis

The S&P 500 has fallen during the course of the week, as the 50-Week EMA has caused a bit of resistance. The market has found a little bit of support on Friday after the Non-Farm Payroll announcement came out, but at this point it’s also worth noting that the 3900 level is sitting right there as well. The down trending channel that we had previously been in has now offered a little bit of market memory as the previous resistance level continues to be support, but it also looks like we are ready to see a lot of volatility ahead.

If we break down below the bottom of the candlestick for the week, it’s possible that the market then goes looking to the 3800 level, and then possibly down to the 3600 level after that. All things being equal, if the market does turn around and rally, the 4100 level above could be a significant amount of resistance. Breaking above there could then open up the possibility of a move to the 4200 level, where we had seen a lot of massive resistance.

Keep in mind that a lot of the movement will come down to Jerome Powell and whatever it is the Federal Reserve is doing at the moment. It looks as if they are going to continue to be tight, and perhaps even accelerate interest rate hikes. If that’s going to be the case, that will continue to put a bit of negative pressure on this market but right now it looks like we see more confusion than anything else.

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