S&P 500 Weekly Price Forecast – The Stock Market Pulls Back After a Parabolic Run

S&P 500 Weekly Forecast Video for 26.06.23

S&P 500 Weekly Technical Analysis

The S&P 500 has pulled back a bit during the course of the trading week, showing signs of hesitation, as the 4500 level above looms large. All things being equal, this is a situation where I think we see a lot all hesitation after a parabolic move, so it didn’t surprise me to see a bit of a pullback. Alternatively, this is a situation where we could drop to the 4300 level, perhaps even down to the 4200 level after that. Ultimately, this is a situation where you are looking for some type of value to take advantage of. I think it’s only a matter of time before buyers come in to get involved. The 4200 level underneath is the absolute floor in the market at this point, with the 50-Week EMA underneath rising.

In general, this is a situation where the 4500 level will continue to be a major resistance barrier, so all things being equal, this is a situation where we have the market trying to find some type of balance, because it got so far out of whack. However, there are a lot of concerns out there to come to the global economy, so sooner or later that could come into the picture as well. However, I think if you are patient enough you can find some type of value that you can take advantage of. On the other hand, if we were to turn around and break above the 4500 level, then the market could go much higher. In that scenario, the market probably takes out to the upside to chase the all-time high yet again.

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