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S&P 500 Price Forecast – Stock Markets Recover Back Into the Same Range

Alice Wang

Oct 21, 2022 15:49

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Technical Analysis of the S&P 500

The S&P 500 has risen a little during Thursday's trading session since there is still a lot of volatility. Since there haven't been many significant macroeconomic pronouncements, to be very blunt, I don't believe there's much to move things around outside conjecture. We are, however, in the middle of earnings season, so there may sometimes be a surprise. However, from a technical analysis perspective, I notice that we are reaching a large resistance barrier, thus it is important to note that we may see sellers enter this market again.


Many people would be paying special attention to the 3675 level beneath as a support level, but if we decline below it, I believe we might reach the 3600 level. Although I enjoy the way this chart looks in the brevity, we are still not quite there. We'll have to wait and see how that develops, but the 50-Day EMA continues to be crucial and is a key technical barrier that some people will be paying careful attention to. It would be quite positive if we were to break above it, but it's tough to see that occurring without some kind of stimulus. In the end, I believe that the market does fade and that we are simply looking for a wider trading range. The earnings season will still be a nuisance, and volatility is certain.

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