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S&P 500 Price Forecast – S&P 500 Futures Have a Strong Session to Close Out the Week

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S&P 500 Technical Analysis

The S&P 500 has rallied significantly during the session on Friday to break back above the 4000 level midday and show signs of life. That being said, this is a market that is still very bearish, and I think will go looking to reach the 4100 level where it could find a little bit of a fight on its hands. After all, that was an area that was massive support previously, so market memory should come into the picture and cause some movement. Furthermore, we have quite a bit of noise all the way to the 4300 level, so is not really until we break above there that I would consider the trend reversed.

I will be looking for signs of exhaustion on this rally to get short yet again, as this is a market that seemingly cannot get out of its own way. Furthermore, the Federal Reserve is nowhere near stepping in to defend the market, so I think a lot of what you are seeing here is probably short-covering heading into the weekend. Granted, there is always a story that somebody on Wall Street is trying to spend, but at this point, the math does not live. We are going to have strong inflation for the next several months, and the Federal Reserve can either save the stock market or save the economy from inflation.

There is no good outcome, to put it bluntly. In that scenario, I prefer to think of this more along the lines of negativity, but that does not mean that I would jump in right here and start selling. Let the market bounce, it is what it will do.

US Stock Market Forecast Video for 16.05.22

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This article was originally posted on FX Empire


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