S&P 500 Weekly Price Forecast – Stock Markets Continue to Be Very Noisy

S&P 500 Weekly Forecast Video for 15.05.23

S&P 500 Weekly Technical Analysis

The S&P 500 has been somewhat choppy during the trading week as we continue to hang around in the middle of a major consolidation area. That being said, the market is coming out of the depths of the earnings season and now looks as if it is starting to show signs of stabilization. Stabilization is probably about as good as this gets right now, because we just don’t know what’s going to happen next as the markets continue to worry about the idea of global economic issues. Of course that will have a knock on effect here in the United States. That being said, the market is likely to continue to see a lot of back and forth as we hang around in a huge megaphone pattern, which of course is a very bearish pattern.

That being said, the megaphone pattern is probably not one of your more reliable patterns, so although I have it on my chart, I’m not necessarily putting too much faith in it quite yet. That being said, if we were to break above the 4200 level on a weekly close, then I think it opens up a move to the 4300 level, possibly even 4600 after that. On the downside, if we were to break down below the 4000 level, that would be very negative as the market would be giving up a major psychological level of importance. The market will continue to pay close attention to interest rate issues, as the Federal Reserve remains very tight with its monetary policy. All of that being said, the market is likely to continue to be difficult, so I would not put too much into it quite yet.

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