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S&P 500 Price Forecast – S&P 500 Finds Its Footing Finally

Eric Stanberg

Dec 21, 2022 16:26

Technical Analysis of the S&P 500

The S&P 500 E-mini contract dropped somewhat during Tuesday's trading session, but it also found enough support close to the 3800 low to reverse course and begin to show signs of life. As a result, it seems that we will attempt to move in the direction of the 50-Day EMA and even make a push for even higher levels if the US dollar can continue to decline.


On the other side, if we go below the candlestick's bottom, it will unleash a wave of selling pressure.


When there are so many economic worries out there, I'm more than happy to fade rallies that are showing symptoms of tiredness, particularly since the market needs to factor in the possibility of a worldwide recession. Nevertheless, a recovery makes a lot of sense since we are a little oversold in the near term. I want to profit from that rebound, but I also understand that liquidity is going to be very scarce for the next week or two, so this may even be a setup that works out for me early in the next year.


Having said that, I would be more than prepared to short the market right now if we should break down on Tuesday below the day's bottom of the candlestick. You could make a good move by playing the bounce from here, but it would be dangerous to say the least, and I am more than willing to wait for a better chance.

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