S&P 500 Weekly Price Forecast – Stock Markets Have Tough Week as Fed Changes

The S&P 500 has initially tried to rally during the course of the week but then broke down rather significantly to close towards the bottom of the candlestick. All things being equal, this is a market that has been in an uptrend for quite some time, as we have a major trend line sitting underneath and offering support. Ultimately, I think there is a significant amount of support near the 4500 level, and as long as we can stay above there, I believe that the S&P 500 will more than likely continue to attract a lot of attention.

S&P 500 Video 10.01.22

All things been equal, I think that this is a market that will continue to be very noisy, but I think at this point in time it is only a matter of time before we rally. I think is probably only a matter of time before the buyers come back in based upon value, and despite the fact that the market has seemingly been wracked over the last couple of days, I think at this point in time it is only a matter of time before we see value hunters coming back into the picture to pick things up. Longer-term, I believe that if we can break above the 4800 level, then we would probably go looking towards the 5000 level. I have no interest in shorting this market, but like I said if we were to break down below the 4500 level, then I think I could be a buyer of puts for the short term only, because it is only a matter of time before buyers would come back in somewhere near the 50 week EMA.

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