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S&P 500 Weekly Forecast – Stock Markets Threaten Breakout

Alice Wang

Nov 28, 2022 14:24

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Weekly Technical Analysis for the S&P 500

Throughout the trading week, the S&P 500 E-mini contract has climbed a little to test the 50-Week EMA. 


Although the previous week's candlestick indicates that there is considerable resistance just above, it is highly doubtful that things will get any easier from here on out. 


After all, a lot will depend on the jobs report that will be released on Friday as people try to predict what the Federal Reserve will do next. Wall Street has recently been anticipating a slowdown in interest rate increases, but the truth is that they will continue to remain tight for a considerable amount of time.


When examining the chart, you need also keep in mind that Thursday and Friday would have seen, to put it mildly, very little trade, so you can only infer so much from the candlestick. As we wait for the Federal Reserve statement in December, the course of the next few sessions will almost probably define where we go for the following few weeks.


Although I don't believe the market is about to be given the "all clear," there may be a chance for the mythical "Santa Claus rally" at this time, so you should be extremely cautious about the size of your positions. 


Money managers will then exert every effort to begin acquiring assets that will allow them to appear to have performed better than they actually did at the end of the year. With this, we might obtain that tiny bomb, but I have a feeling the merchants will be back in no time.

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