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S&P 500 Price Forecast – The Stock Market Is Attempting To Stabilize

Cory Russell

Sep 16, 2022 15:10

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Technical Analysis of the S&P 500

Given how bad things had been during the previous trading day, the S&P 500 has been rather quiet throughout both the trading sessions on Wednesday and Thursday. In the end, the market has steadied considerably, which is undoubtedly a positive development. In the end, I believe that this market will try to recover if given enough time, but I also acknowledge that there is a lot of pessimism out there, making it tough to expect that the market would suddenly become positive. To be really honest, I think we'll see a little recovery followed by a lot more selling.


The market may be being driven in part by the Federal Reserve meeting that will be closely watched by many people the following week, but for the time being, in my opinion, we are just anticipating "the next shoe to drop." If and when that occurs, we will surpass the 3900 mark and then continue to decline further. Considering enough time, I do think we might test the lows again, particularly given that the Federal Reserve is expected to adopt a hawkish stance, which stock traders naturally detest.


Perhaps more significantly, the 200-Day EMA is situated near the top of the ugly candlestick from Tuesday, which is at a level of 4160. For me to believe in the resilience of a rally, we would need to break through the top of that. I'm not holding my breath on that one since it would need a tremendous lot of inertia. In the end, I believe that this market will decline over a longer period of time.

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