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S&P 500 Price Forecast – Stock Markets Continue to Hover

Skylar Shaw

Jan 11, 2023 15:04

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Technical Analysis of the S&P 500

During Tuesday's trading session, the E-mini S&P 500 contract slightly declined and fell below the 50-Day EMA as Jerome Powell took the podium to deliver a speech. Given that not much changed after his speech, it is perhaps not shocking to see that the market has reversed course and returned to its previous level. The issue of whether or not we can hold onto this region is very different, and it is fairly probable that the Thursday session will be far more significant since the CPI statistics will be out during that session.


You need to pay great attention to those data because they are significant at a time when the globe is still concerned about inflation. In the end, the market will continue to oscillate a lot, but for now, the 200-Day EMA, which is now at the 4000 level, is sandwiched between the 50-Day EMA and the 200-Day EMA signs. I feel that we should "fade the rallies," but because there has likely been a lot of loud activity in the meantime, I do believe that it will likely not be long before we must make a more significant choice.


Nevertheless, do not undervalue Wall Street's capacity for seeing the positive side of any situation. However, sooner or later, the wise money will arrive and put everyone on the defensive. The 200-Day EMA and the 4000 level are slightly above us, and we are also in a well defined channel.

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