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S&P 500 Price Forecast – Stock Markets Drift Lower Again

Cory Russell

Sep 21, 2022 15:16

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As we continue to see a lot of erratic activity, the S&P 500 E-mini contract has plummeted once again during Tuesday's session.

Technical Analysis of the S&P 500

On Tuesday, the S&P 500 E-mini contract fell for the most of the day as we kept applying downward pressure. The Federal Reserve and any possible setup they may have in terms of monetary policy are causing traders to get more and more apprehensive. Since the Federal Reserve is still favoring battling inflation in this climate, it is not helpful for growth.


It's important to remember that the previous two candlesticks were hammers, so it is obvious that someone is below and ready to purchase. It would be a major turn of events and possibly drive this market substantially lower if we broke down below those hammers. In that case, I wouldn't be at all shocked to see the S&P 500 fall below the 3800 level, where I also anticipate a fierce battle. The chance of a decline to the 3600 level, where we previously bounced, increases if the 3800 level is broken.


This market need the Federal Reserve's intervention to save it, which is not likely to occur anytime soon. Because of this, I believe you should see it through the lens of waning rallies, particularly if they misinterpret Jerome Powell's remarks once again. In order for Wall Street to pay attention to his final speech at Jackson Hole, he had to openly admit that there would be suffering. He might be just as blunt this time, and I expect him to be, so things could rapidly spiral out of control.

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