S&P 500 Weekly Price Forecast – S&P 500 Breaks a Resistance Level

S&P 500 Weekly Technical Analysis

The S&P 500 initially pulled back during the trading week, but then turned around a break above the 3950 level, which is an area that is a significant short-term resistance barrier. By breaking above there, it is a bullish sign, now it looks as if the market is going to try to threaten the 4000 level. If we were to break above the 4000 level, then it’s likely that we could go looking to the 4200 level.

The 4200 level features the 50 Week EMA, so at this point in time, it’s likely that it will cause a significant amount of resistance. Any rally at this point in time should end up being a situation where it’s going to be a market where you will be looking for signs of exhaustion. That being said though, the market is probably easier to trade from the daily charts than the weekly chart, just due to the fact that the risk-to-reward ratio plays out better. I expect a lot of noise over the next couple of weeks but given enough time we will break down.

Looking at this chart, you can see that the 200 Week EMA sits at the 3650 level, and it also marks the bottom of the recent pullback. The question now is whether or not the stock market has bottomed? From a macroeconomic standpoint, no. However, prices will do what prices will do, and you will have to follow it. If we break above the 4200 level, I think at that point you have to get long of this market for the bigger move.

S&P 500 Weekly Forecast Video for the Week of 25.07.22

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