S&P 500 Weekly Price Forecast – S&P 500 Has Volatile Week
S&P 500 Weekly Technical Analysis
The S&P 500 has been all over the place during the week, as we continue to see a lot of choppy behavior. Ultimately, this is a market that still has a lot of decisions to make and noise to chew through as there are lot of concerns when it comes to the global economy. Furthermore, earnings season has been a mixed bag, and then of course we have the Federal Reserve with an interest rate meeting next week, which of course will have a major influence on risk appetite and where we go next.
The 50-Week EMA is sitting just above, and it looks as if we are going to see a lot of resistance in that area. This is especially true considering that the 4000 area is right around in the same neighborhood. With that, the market is likely to continue to see a lot of volatility, and of course overhead noise. Keep in mind that Jerome Powell will be giving out an interest rate decision this coming week, and that of course will cause quite a bit of volatility as well.
If we were to turn around and break down below the bottom of the weekly candlestick, then it opens up the possibility of a move down to the 3800 level. The 3800 level is an area where we’ve seen some support previously, but if we were to break down below there is likely that the market goes looking to the 3600 level, via the 200-Week EMA. Regardless, I think this is a market that you need to be very cautious with, because it seems to be running on delusion and fear simultaneously.
For a look at all of today’s economic events, check out our economic calendar.