S&P 500 Weekly Price Forecast – Stock Markets Have a Bullish Week

As a result of Jerome Powell convincing the markets that the Federal Reserve may change course, stock markets have surged to break over the 4100 barrier.

Weekly Technical Analysis for the S&P 500

During the trading week, the S&P 500 initially declined a little, but underlying it, purchasers were in great supply. The market has now broken through the 4100 level. On the daily chart, we are now in the midst of the last consolidation region, therefore a break above the 4100 level would be positive. The 4200 level, another enormous, round, psychologically important number, is slightly below the 50 Week EMA.

Especially if people begin to grasp that the Federal Reserve is not about to pivot, despite what Wall Street has fabricated, signs of tiredness will be sold into. Considering that Friday was the final day of the month, it is extremely possible that what we have witnessed is a little relief rally. Even though end-of-month marking up is against the law, it happens in business.

The fact that we are still firmly in a slump is what you should focus on there the most. Yes, it has been a pretty beautiful upward rise, but I'm still not sure. However, if we get a daily close above the 4200 mark, the general trend is likely to significantly change, and we may then go considerably higher. I think the next week or two will be critical because they will reveal where the markets are headed in the long run. At this point, it's entirely up in the air whether or not we go any higher.