S&P 500 Weekly Price Forecast – Stock Markets Recover Slightly for the Week

S&P 500 Weekly Forecast Video for 06.03.23

S&P 500 Weekly Technical Analysis

The S&P 500 initially dipped during the trading week to show signs of weakness, only to turn around and show signs of life again. We are back above the 4000 level, so that of course is a good sign, but at the end of the day, this is a market that looks as if it is trying to roll over. Keep in mind that we have just gone through a significant portion of earnings, and it’s been a mixed bag to say the least.

If we were to break down below the bottom of the candlestick for the week, then it is likely that we could go down to the 3800 level, an area that previously had been rather supportive. By bouncing from there, it puts an imprint of support in that region that I think a lot of people will be paying attention to. On the upside, we have the 4100 level, which was previous support, but even more importantly we have the 4200 level above that has caused quite a bit of selling pressure, almost like a brick wall. That’s an area where we continue to see a lot of noise, so it does make a target that a lot of people may look for, but breaking above there might be a completely different question.

You can see that I had a channel drawn previously, and we did break out of it only to turn around and retest that area for potential support. Either way, this is a market that I think continues to see a lot of volatility, so longer term traders may struggle.

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