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S&P 500 Weekly Price Forecast – Stock Markets Give Up Gains for the Week

By:
Christopher Lewis
Published: Mar 24, 2023, 16:51 GMT+00:00

The S&P 500 has been all over the place during the week, as we have seen the FOMC meeting come and go.

Wall st, FX Empire

In this article:

S&P 500 Weekly Forecast Video for 27.03.23

S&P 500 Weekly Technical Analysis

The S&P 500 has been all over the place during the course of the week, as we continue to see a lot of questions asked about where the economy is going. The 50-Week EMA has offered a little bit of resistance, but perhaps more importantly the 4100 level has. By forming the shooting star shaped candlestick the way we have, it leaves very little in the way of confidence going forward, and I do think that we are more likely than not to break down from here after this past week.

The 3800 level will be a significant barrier, not just because we have bounced from there previously, but we also have the 200-Week EMA sitting in the same area. Because of this, I think it’s a situation where you would continue to see a lot of back-and-forth between the 50-Week EMA and the 200-Week EMA, but eventually something has to give. We have recently been range bound for the most part, but it is starting to look weaker and weaker going forward, and therefore I think it’s probably only a matter of time before we do break down.

We are entering a time of the season where buybacks will be forbidden, so companies will not be able to buy back their stock to support pricing. This could be yet another reason to think that the stock market is getting ready to drop, and at the very least consolidate more than anything else. Because of this, you can either look at this through the prism of range bound trading or fading rallies going forward. Either way, I’m not overly bullish.

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

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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