S&P 500 Weekly Price Forecast – Stock Markets Testing the Top of the Above Range

S&P 500 Weekly Forecast Video for 17.04.23

S&P 500 Weekly Technical Analysis

The S&P 500 has gone back and forth during the course of the trading week, testing the crucial 4200 level, an area that has been resistance for a while. At this point, we have to ask whether or not there is going to be more chop going forward, or if we are in fact trying to build up enough momentum to finally break out above that area. If we can, then the market will more likely than not go looking to the 4300 level. On the other hand, that choppiness would make a certain amount of sense as we are heading toward the summer.

If we break down below the bottom of the candlestick for the week, then the 50-Week EMA sits just above the 4000 level, which of course is a large, round, psychologically significant figure, and an area where we also have seen some action in the past. Anything below there then allows the market to go testing the low part of the range, which is somewhere around the 3900 level.

Keep in mind that we are in the midst of earnings season, so that a course will cause a lot of volatility to say the least. If we can break above the 4200 level, then it will show that traders are starting to focus on the Federal Reserve more than anything else, because quite frankly the earnings season will not be that good, nor will the forward guidance coming for most companies. Ultimately, this is a market that has to make a bigger decision, but it may not have to make it now, as a simple sideways action would make a certain amount of sense as well.

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