S&P 500 Weekly Price Forecast – S&P 500 Has a Rough Week

S&P 500 Weekly Forecast Video for 23.10.23

S&P 500 Weekly Technical Analysis

The S&P 500 initially rallied during the course of the week but turned around quite drastically as we continue to see a lot of concerns around the world. Interest rates in America continue to climb, and quite frankly the geopolitical situation is getting worse, not better. Because of this, it’s likely that the stock markets will continue to struggle with a lot of noise and fear, and therefore you need to be very cautious with putting on huge positions at this point. I do think that given enough time, we will have to sort all of this out, but it looks like the 50-Weekly EMA is what’s holding the market up at the moment, which of course it’s right at the 50% Fibonacci level.

The traders on Wall Street are also dealing with Q3 earnings, so that obviously adds another layer of volatility to the market, so be aware of that as well. Ultimately, I think this is a situation where you continue to see a lot of volatility, and that typically means a little bit more in the way of downward pressure. The 4200 level underneath could be supported, but we also have the 61.8% Fibonacci in that neighborhood as well.

On the upside, if we were to break above the top of the last 2 candlesticks, that would be a very bullish sign, and it could bring more buyers into the market, perhaps reaching as high as 4600 before it’s all said and done as the market will be chasing momentum at that point. In order to trade the S&P 500 at the moment, you need to be cautious with your position size, and you need to understand that the world is on edge right now, so keep an ear to the ground when it comes to global news.

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