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S&P 500 Price Forecast – Stock Market Continues to Rally Toward Jobs Figure

Skylar Shaw

Feb 03, 2023 15:31


Technical Analysis of the S&P 500

The S&P 500 has risen a little during Thursday's trading session as it seems we will aim to reach the 4200 mark. At this point, the market will almost certainly experience some selling pressure, but there is also the upcoming release of the Non-Farm Payroll report, which is something to keep an eye on. At this point, a pullback would probably be caused by high numbers, as people will start to worry once more about the Federal Reserve and whether or not they will be required to continue tightening the monetary policy.


As the round number is definitely going to draw a lot of attention, the 200-Day EMA is sitting just above the 4000 level, and that is certainly an area that a lot of people would pay special attention to.


The market may very easily challenge the 50-Day EMA if we go below the 200-Day EMA. Much of this depends on whether or not people think that the Federal Reserve will keep its monetary policy tight and cause the economy to grow slowly. The market doesn't seem to be particularly interested in what the Federal Reserve has to say right now, at least not after the announcement on Wednesday.


As we are in the middle of earnings season, there is a lot to keep an eye on, so it makes sense in a certain sense that volatility would likely increase rather than decrease. This will move quickly towards the 4300 level if we can remove the 4200 level following the jobs number.

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