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S&P 500 Price Forecast – Stock Market Rallies Heading Toward CPI

Steven Zhao

Jan 12, 2023 15:42


Technical Analysis of the S&P 500

Even though the critical CPI statistic is out on Thursday, the S&P 500 has surged pretty substantially in the early hours of Wednesday. To be very honest, it seems that many traders are actively attempting to "front run the Fed," which is nothing new. However, given where we are on the chart, it could be challenging to go through this threshold. Given that the 200-Day EMA is barely above, there will undoubtedly be some attention given to this scenario. A significant downtrend line and the 4000 level are both possible tangles after a break above the air.


Keep in mind that Wall Street, which is seeking for low-cost financing, seems to be depending on the notion that the Federal Reserve would provide some kind of relief. For the last 14 years or more, that has been the whole game: making quick, easy money. Because the Federal Reserve is to blame, they will inevitably have to adopt an extremely hostile and pessimistic tone. Although it seems that everyone is ready to disregard it for the time being, it is coming near to the inflation level, which will almost certainly startle the market once again.


Having said that, we have a good chance of reaching 4200 if we manage to break above the downtrend line. The Wall Street traders are really skilled at creating stories, so as soon as they receive the shot, there will be some other tale to listen to. That is an area where I would also anticipate seeing a lot of opposition.

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