S&P 500 Weekly Price Forecast – Stock Markets Continue to Look Higher
S&P 500 Weekly Forecast Video for 06.02.23
S&P 500 Weekly Technical Analysis
The S&P 500 E-mini contract has had a volatile week, but it continues to show plenty of strength. That being said, it is very interesting to look at this through the prism of trying to break above the previous inverted hammer from a couple of months ago. Now that we are breaking above that, it’s possible that we could go to the 4300 level. Looking at this chart, you can see that the market has been trying to break to the upside for some time, and it looks as if the market is willing to ignore plenty of signs of concern.
Furthermore, you have to pay close attention to the idea that the market is likely to continue to see Wall Street completely ignore the Federal Reserve and everything they say. At this point, it seems like Wall Street is hell-bent on the idea that the economy is going to go through a “soft landing”, suggesting that the stock market has already bottomed.
At this point, I think we still have a lot of potential concerns out there that will continue to come into the markets, therefore it’s likely that we continue to see a lot of short-term volatility, but it looks as if we are trying to break out at this point, at least for a short term bearish rally. If we break down below the bottom of the candlestick for the week, then it’s likely that the market could go down to the 3800 level underneath.
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