S&P 500 Weekly Price Forecast – The S&P 500 Continues to Show Caution

S&P 500 Weekly Technical Analysis

The S&P 500 continues to see a lot of noise in this general vicinity, and after the impressive candlestick from the previous week, the hesitation does suggest that perhaps more sellers are coming back into the mix. If we were to break down below the candlestick, then it’s possible that the S&P 500 goes looking to reach the 4000 level in the futures market. If we break down below there, then it’s likely that this is a market that will go even lower, perhaps down to the 3900 level.

At this point, it’s likely that we will continue to see a lot of noisy behavior, but ultimately this is a situation where we see a lot of questions asked about inflation and of course company earnings. It’s worth noting that the market has been beaten down rather significantly, so it does make a certain amount of sense that we had a bit of a relief rally. That being said, the relief rally looks as if it was only one week.

That being said, if we were to turn around and break to the upside, it’s possible that we could break above the 4300 level. Breaking above the 4300 level is where I would call it a bit of a trend change, but right now I don’t see that as being likely. In general, this is a market that I’m still looking for selling opportunities in, but I also recognize that hope burns eternal on Wall Street, so it’s likely that there will be some type of narrative that they get involved in. Ultimately, this is a situation where we will see extreme volatility.

S&P 500 Forecast Video 06.06.22

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