S&P 500 Weekly Price Forecast – Stock Markets Continue to Respect Range

S&P 500 Weekly Forecast Video for 24.04.23

S&P 500 Weekly Technical Analysis

The S&P 500 initially tried to rally during the course of the week, but we continue to see a lot of resistance above, particularly near the 4200 level. With that being the case, the market is likely to continue to see a lot of noisy behavior, as the last 3 weeks have quite a bit of choppiness between the 4100 level underneath, and the 4200 level above. This coincides perfectly with the earnings season, which of course has thrown quite a few monkey wrenches into the mix as well.

If we do break down below the 4100 level, then it’s possible that we could go down to the 4000 level, just as if we break above the 4200 level, then we could go look into the 4300 level. Ultimately, this is a market that is going to have to pay close attention to earnings season results and of course forward guidance from major companies. That being said, it’s probably worth noting that almost all of the gains or losses made in the S&P 500 come from just 8 companies, making up over two thirds of volume. In other words, you have to watch all of the usual suspects such as Apple, Tesla, Microsoft, and so on.

From the longer-term standpoint, we are looking at a ceiling at the 4200 level, but also looking at a support level near the 3900 level. This makes a bit of sense, because we are heading toward the summer, which is typically a very slow time of year for stocks anyway. With this, I remain very neutral in this market going forward.

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