S&P 500 Weekly Price Forecast – Stock Markets Continue to Recover Heading Toward Fed Meeting

S&P 500 Weekly Technical Analysis

The E-mini S&P 500 contract has rallied rather significantly during the course of the week, as we continue to see a lot of very bullish pressure. At this point, the market is likely to continue seeing a lot of noise, as we have to continue to look at this through the prism of a lot of trouble out there, and quite frankly there are a lot of economies around the world that are going to continue to suffer. If that’s going to be the case, then a lot of the exports coming out of the United States will not do well. However, at this point it seems like Wall Street is only worried about what the Federal Reserve may or may not do, and with the Federal Reserve having an interest rate hike meeting on Wednesday, it’s likely that the market will try to read something out of that statement.

At this point, it’s obviously a market that is looking toward hope, but it’s likely that Jerome Powell will probably have to come out and step on the necks of people to make them sell off risk assets, because quite frankly that’s exactly what the Federal Reserve wants to do. The 200-Week EMA sits just below at the 3680 level, and if we break through there, that will probably kick off even more selling pressure. Ultimately, this is a market that I think is keep an eye on the 3500 level, so if we were to break down below there, then it’s likely we could go much lower. As far as rallying is concerned, it’s likely that we could see the 4000 level as a major ceiling.

S&P 500 Weekly Forecast Video for the Week of 31.10.22

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