S&P 500 Price Forecast – S&P 500 Continues to Wait For Information

US Stock Market Forecast Video for 11-01-2024

S&P 500 Technical Analysis

The S&P 500 has shown itself to be a little bit hesitant to go anywhere early during the day on Wednesday, as the market continues to see a situation where we’re basically in the middle of an overall consolidation phase. 4,800 above continues on for significant resistance with the 4,700 level underneath offering pretty significant support. At this point though, I think what we’re really waiting on is the consumer price index coming out on Thursday and then of course the producer price index coming out on Friday. These 2 announcements could be what drives the market for the next several weeks, as traders continue to focus on the inflationary picture in the United States and of course what the Federal Reserve may or may not do with monetary policy as a result.

We spent the last couple of months of 2023 showing signs of overheated market participation, and now we are either going to have to pull back in order to find some type of value, or we are going to have to grind sideways for a while. These two economic announcements could be the next catalyst, but at this point, I would be a little bit hesitant to get overly bullish. To me, it looks like we’re just waiting on this announcement due to the fact that Monday was so bullish, but since then, we really haven’t done much.

I think a lot of traders will be taking their cue from the CPI more than anything else. And if we can take out the 4800 level to the upside, it does mean that the S&P 500 is going to spike even further. That being said, what I would really like to see is some type of sell-off, perhaps a 10% loss that I can start buying into. But sometimes you have to hold your nose and deal with the market you’re stuck with. That was the story for the last several months, so it is possible that we return to that again.

For a look at all of today’s economic events, check out our economic calendar.