The Stock Market Has a Quiet Wednesday

S&P 500 Technical Analysis

The S&P 500 has had a relatively quiet Wednesday session after the breakout on Tuesday. By pulling back ever so slightly this suggests that the market is probably going to hang about this area, waiting for some type of signal as to where to go next. Keep in mind that the jobs number comes out this Friday, and that of course will have a certain amount of influence on what happens next.

ADP numbers in the United States came out strong again, but the ADP has been very unreliable as of late. It a lot of noise at the moment is probably based around the Federal Reserve more than anything else, and of course what we have coming as far as interest rate hikes are concerned.

The market is parabolic, and desperately needs to pull back but then again, this would not be the first time that we have gone parabolic and simply sat there. US indices are not made to fall over the longer term, as they are market cap-weighted. Because of this, it is difficult to short them most of the time, so I think that pullbacks will more than likely be buying opportunities, but I do recognize that a move below the 50 Day EMA could change things.

If we were to do that, then it is likely that the 200 Day EMA would be targeted. On the upside, the 4700 level could be a target, but it is a bit rich to think that we will continue to go higher without some type of catalyst at this point.

S&P 500 Forecast Video 31.03.22

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