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S&P 500 Price Forecast – Stock Markets Look Skittish

Florala Chen

Nov 29, 2022 16:04

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Technical Analysis of the S&P 500

The key downtrend line that I've noted on the chart and the 200-Day EMA are both obstacles that the S&P 500 has fallen a little bit against during Monday's trading session. It's crucial to note that we are hovering around the level of 4,000, which is a psychologically significant area.


Remember that there are many worries about a recession and a loss of income, which will almost probably be a significant issue. This market might attempt to drop back down to the 3900 level, an area that has previously been supported, if we break down below the 4000 level. The 50-Day EMA, which is now at the 3886 level, might be reached if there is a breakdown below that level. 

Anything below there might aggressively resume the longer-term downtrend.


On the other hand, if we were to reverse course and start moving upward, clearing the daily downtrend line on a daily candlestick, it's probable that this market would attempt to move to the 4150 level and then the 4200 level. 


Nevertheless, as we attempt to determine our course for the remainder of the year, I believe the one thing you can probably bet on is a lot of choppy and noisy behavior. Additionally, money managers have a natural inclination to purchase equities at the end of the year to demonstrate to their clients that they are keeping onto the right investments. The December Federal Reserve meeting, though, will mostly eclipse everything.

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