S&P 500 Weekly Price Forecast – Stock Markets Continue to Sell Off

S&P 500 Weekly Forecast Video for 31.10.23

S&P 500 Weekly Technical Analysis

The S&P 500 has pulled back just a bit during the trading week, as we continue to see a selloff in equities overall. This is a global situation, not just an S&P 500 situation, so it is worth paying attention to that perhaps the world is focusing more or less on macroeconomics and geopolitical concerns. With this, you need to also keep in mind that New York is currently going through Q3 earnings, so that has a certain amount of volatility added to the market as well.

If we can turn around and take out the 4300 level to the upside, then we may have a bit of a confirmed bounce from the 61.8% Fibonacci level, but I think at this point you are still looking out this market through the prism of fading rallies, because quite frankly there isn’t a whole lot out there that is compelling enough to avoid going into the bond market and getting a guaranteed almost 5.5% over the course of a year. At this point, why would you take any real risk for just a few percent?

All things being equal, the market is at an inflection point, and we are at the bottom of a major channel so I think a lot of things are going on at the same time. I would not be surprised at all to see a bit of a bounce, but again, I think that is still probably more or less some type of relief rally until something changes from a geopolitical turn of events. Even though 3 of the biggest companies in the world, Meta-, Alphabet, and Amazon have all had decent earnings announcements, those stocks sold off regardless.

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