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Stock Markets Quiet for Thursday Session

By:
Christopher Lewis
Updated: Mar 24, 2022, 16:50 UTC

The S&P 500 has been relatively quiet during the trading session on Thursday, as we are hanging about a relatively important area.

Stock Markets Quiet for Thursday Session

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The S&P 500 has rallied a bit during the trading session on Thursday as it looks like we are continuing to respect the idea of the 4500 level as being resistant. The market will continue to respect this area as far as I can see, but if we do get a significant close above here, it is probably only a matter of time before we test the double top near the 4585 level. A break above there then allows the market to go much higher, more of a buy-and-hold type of situation. Alternately, if we were to turn around and break down below the 200 Day EMA, then the market plunges.

S&P 500 Technical Analysis Video 25.03.22

It is worth noting that we have been a bit parabolic as of late, so that will have a major influence on how much momentum and room we can get. I think risk appetite is going to continue to see a little bit of hesitation, so be cautious about getting too aggressive right away. That being said though, we have a couple of clear signals just waiting to be triggered, and once they do, I will make the trade. In the short term, I anticipate that this will be more of a range-bound type of trading environment.

Being range-bound makes a certain amount of sense because quite frankly most of the signals have been extraordinarily mixed, to say the least. Bonds suggest that the Federal Reserve is going to continue to raise interest rates, but it appears that Wall Street is betting against that. If that is the case, somebody is going to lose, and at your job to get on the right side.

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

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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