Stock Market Runs Into Resistance

S&P 500 Technical Analysis

The S&P 500 has initially rallied during the trading session on Friday but gave back gains as it looks like we are running into far too much resistance. The market looks as if it is going to pull back into the short-term consolidation, as perhaps we do not have enough momentum to continue going higher. Ultimately, this is a market that will have to come up with reasons to continue climbing, and quite frankly I do not know if we have them at the moment. However, momentum is a funny thing, it quite often will continue long past any type of reasoning.

If we break below the bottom of the candlestick for the Friday session, I anticipate we may make a move towards the bottom of the Thursday session, but as long as we stay above the 50 Day EMA, it is very likely that the market could come undone at that point. That being said, there is a lot of fight in the S&P 500, and you need to keep that in the back of your head.

All things being equal, this is a market that has a lot of deciding to do over the next several sessions, so be interesting to see what happens next but right now I believe we are in an area that is going to continue to be noisy and difficult, to say the least. Overall, this is a market that I think is about to make another impulsive move.

S&P 500 Technical Analysis Video 28.03.22

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