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S&P 500 Price Forecast – Stock Market Lilts Ahead of CPI

Cory Russell

Aug 10, 2022 14:36

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Technical Analysis of the S&P 500

The S&P 500 slightly declined during Tuesday's trading session to display symptoms of hesitancy, and it now seems probable that it will decline to the 4100 level. Additionally, bear in mind that the market has been on a long-term upward, so a little amount of a giveback would make some sense. Additionally, the 200 Day EMA provides a lot of dynamic resistance. However, probably most significantly, the CPI numbers will be released on Wednesday.


Wall Street will be closely monitoring if the Federal Reserve needs to tighten its monetary policy any further or whether things need to change. Given that the stock market has little to do with the economy at this point, Wall Street is now more concerned with money flow than anything else. Due to historical precedent, we are most definitely in a situation where we will have difficulties, and the 4200 level is a place where we should experience considerable noise.


It's possible that we will look for the 50 Day EMA, which is located at around 4000, if we go below the 4100 level.


Since the 4000 level is likely to get a lot of attention, it can be the subject of a short-term move. We need to get some clarity because, generally speaking, we are at a significant inflection moment. We'll probably have it after the Wednesday session, in my opinion.

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