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S&P 500 Price Forecast – Thanksgiving Week Stalemate

Steven Zhao

Nov 23, 2022 16:24

Technical Analysis of the S&P 500

As the market continues to wait for a catalyst, the S&P 500 E-mini contract has been fairly quiet during Tuesday's trading session. Even if the FOMC Meeting Minutes are about to be released, there hasn't been much to entice consumers to invest their money. Thanksgiving week is currently taking place in the United States, therefore this will undoubtedly have an impact on how the markets react. Since the risk of illiquid moves is so high, a lot of big money won't want to participate in the market this week.

The underlying index will also be closed on Thursday and will only conduct minimal trading on Friday, so keep that in mind as well. As a result, I believe that the later in the week you go, the less probable it is that you will see actual moves. Nevertheless, if there is a significant news event, it can enter the picture.

But since there isn't much happening right now to move the markets, you shouldn't be trading this market over the next few of days. As a result, you should expect that the best trading chances will almost likely be in choppy short-term range bound trading systems.

Though short-term actions can accumulate over time, keep in mind that this is probably as good as it gets for now. In the end, all of this will probably revolve around next week and whatever catalyst we have in store. I believe that at this point, the majority of big businesses in America are merely holding their positions.