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S&P 500 Price Forecast – 3700 Continues to Hold as Support

Skylar Shaw

Jun 23, 2022 14:55

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After initially tumbling into the 3700 support level throughout the trading day, the S&P 500 has made a big rebound. 

S&P 500 Technical Analysis

After first dropping below the 3700 level during the trading session on Wednesday, the S&P 500 has seen a wild journey. Since the 3700 level has been significant for a few weeks, it is probable that sellers will now make it their goal. 3600 and 3500 are the next targets if we can drop below the most recent low. What we are currently witnessing is a small-scale bear market rebound, which does make some sense given the extreme selling pressure that we had previously witnessed.


If we do move higher from here, 4000 should be a resistance level that will be difficult to surpass unless there is a fundamental shift in the news. In the end, I believe we have a position where breaking down makes more sense, but we could be in for a setup where we "fade the rallies." Since there is nothing positive in the economic pipeline right now and many earnings predictions will need to be revised at this point, I do not enjoy investing in the stock market right now. A brief recovery rally does, however, make a lot of sense because markets do not continuously decline.


I see this as a chance to go short once more, but if we were to breach the 4200 level, you would need to be persuaded that the true brand has changed. I'm not currently concerned about the move because it costs 400 points. In the end, a recession is inevitable, and the market is now beginning to reflect that.

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