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The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."Bank of Japan Governor Kazuo Ueda: Non-weather factors may push up food prices.

S&P500 Forecast: Is 4300 the Next Stop on the Market’s Upward Climb ?

Steven Zhao

Feb 14, 2023 17:01



We said in a blog article ten days ago that the S&P500's (SPX) anticipated decline was probably over.


This was done on the assumption that the market will rise to the $4300–4500 range, which has been our major anticipation for months. We have used the Elliott Wave Principle (EWP) in our study to influence our market prognosis, which we will go into more detail about in this post.


Yesterday, the S&P 500 touched the optimal third wave level: $4195 vs. 4199,... It should be on a modest fourth wave currently, hopefully reaching $4100+/-10, before a fifth wave aims for $4260+/-20. The index will then likely drop for many weeks before making a rebound to the optimal price of $4395+/-25. ”


Even though it fell short of our expectations, we were right since the index bottomed on Friday, February 10, at $4060, which is only 0.7% below the goal range we established ten days earlier.


The index is now in a rallying phase. In light of this, the green W-4 we predicted has probably reached its bottom, and the green W-5 to preferably $4260+/-10, maybe as high as $4295+/-10, should be under way. Look at Figure 1 below.

The $4300 is the main concern

According to the EWP, an impulse's third and fifth waves often reach the Fibonacci extensions of 161.8% and 200.00% of the length of the first wave, measured from the low of the second wave, respectively.


We concentrate on the green W-5 and the red W-iii in this instance. Red 161.80% extension is at $4295 and green 200% extension is at $4258. Therefore, we should anticipate W-5 of W-iii to target $4260-4295 as long as Friday, February 10, low at $4060 holds.

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