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S&P 500 Price Forecast – Stock Markets Continue to Show Signs of Weakness

Christopher Lewis
·2 min read

S&P 500 Technical Analysis

The S&P 500 has pulled back significantly during the trading session on Monday as we have seen quite a bit of selling pressure around the world before the S&P 500 opened up. That being said, the 3950 level continues offer significant resistance, therefore we should pay close attention to it. Furthermore, the 50 Day EMA is starting to reach that area as well, so I think it all ties together quite nicely for resistance. Furthermore, the 4000 level has a lot of psychology attached to it as well.

All of this being said, I do not have any interest in trying to buy stocks anytime soon, because quite frankly there are so many things out there working against their value that I just don’t want to risk putting money to the upside quite yet. In fact, would not be until we broke about the 4200 level that I would be convinced that we may be changing the overall attitude of the market. After that, then things could get interesting.

Until then, I think rallies continue to get sold into, and therefore you have to look at it through the prism of offering an opportunity to short the market every time it bounces. To the downside, I think the 3700 level would be a nice target, therefore it could be an area of interest. Breaking down below that level could kick off even further downside, and it should be noted that even though volatility has dropped a bit, it’s worth noting that the rallies have been in low volume environments, not exactly a bullish sign.

US Stock Market Forecast Video for 12.07.22

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This article was originally posted on FX Empire

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