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S&P 500 Prices Forecast – Stock Markets Pull Back on Thursday

Alice Wang

Nov 18, 2022 17:27


Technical Analysis of the S&P 500

The S&P 500 E-mini contract experienced a significant decline during Thursday's trading session, approaching the 3900 mark. Considering that the 200-Day EMA has also provided some resistance, it's important to note that our pullback occurred exactly where you would anticipate it to. On the other side, it opens the door to a move to the 4150 level if we turn around and remove the top of the shooting star from Tuesday.


The market is likely to go in the direction of the 50-Day EMA and possibly even the 3800 level if we remove the 3900 level below. In the end, this market will suffer as long as the VIX remains in a very choppy range, resulting in, to put it mildly, loud behavior. The size of the candlestick does indicate that there might be some follow-through, so if we do drop below the 3900 mark, I'll be looking to start selling again.


However, given the choppy nature of volatility, it's possible that there will be some noise. This is especially true given that the markets are oscillating between the possibility of the Federal Reserve loosening or tightening monetary policy, since everyone seems to have a different take on the matter. A recession is another issue we need to be concerned about because it is just a matter of time until it enters the scene as well. How we proceed after 3900 will be crucial.

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