US Stock Markets Attempt to Recover

S&P 500 Technical Analysis

The S&P 500 has rallied a bit during the trading session on Thursday as we continue to try and rally significantly. That being said, the market is also reacting to Tesla and its massive earnings beat, which of course has people looking higher. At this point, the 4500 level is an area of significant psychological importance, so pay attention to how the market reacts to it. The market will continue to see a lot of noisy behavior over the next several days because quite frankly there is so much uncertainty around the world right now.

It is worth noting that the market is sitting just above the 50 Day EMA and of course the 200 Day EMA. That in and of itself is bullish for some traders to get involved, but at this point, I think you need to be cautious about your position size more than anything else. This is because if we get a sudden shift in sentiment, something that seems to be the norm these days, we could see this market slice through the lows from Monday, which would open up a flood of selling.

As things stand right now, I think we are trying to build some type of basing pattern, so it does make a certain amount of sense that we drop only to find buyers yet again. The market has been very noisy as of late, and I just do not see that changing anytime soon. Unfortunately, I find that the market continues to see a lot of concerns out there, so I would not look for clarity anytime soon. Keep your position size small until we get some type of significant run.

US Stock Market Forecast Video for 22.04.22

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