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S&P 500 Price Forecast – S&P 500 Futures Pulled Back

Skylar Shaw

May 17, 2022 10:29

Analysis of the S&P 500

During Monday's trading session, the S&P 500 dipped slightly as the futures market remained very volatile. It's understandable that we'd prolong the broader slump by pulling back in this manner. After all, inflation, a weakening economy, and, of course, contagion from other markets are still major worries. Large funds are being forced to sell other holdings to compensate losses, which has a "knock-on" impact.


I expect a lot of resistance between 4100 and 4150. The commotion continues all the way to the 4300 level, where the 50 Day EMA is now trading. To put it another way, we have a lot of potential opposition to overcome in order to shift the general trend, and I honestly don't see myself buying this market anytime soon. On the downside, we might soon turn our attention to the 3900 level, which has previously provided some support.


Breaking through the hammer just below there would open the floodgates to further lower prices, which, to be honest, wouldn't surprise me at this point. It's worth noting that the Friday candlestick was bullish, but with minimal volume, and was most likely a "short covering rally" going into the weekend. Only volatility can be predicted.

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