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S&P 500 Price Forecast – Stock Markets Have Quiet Return

Florala Chen

Jan 18, 2023 16:26


Technical Analysis of the S&P 500

As traders returned to work after the United States' Martin Luther King Jr. Day vacation, the S&P 500 E-mini contract fluctuated throughout trading on Tuesday, with regular hours and normal volume. It's remarkable that the markets did not soar higher, and of course, we must be concerned about the thought of the beginning of the earnings season. Banks are the subject of our present negotiations, and several of them have reported abjectly poor financial results.

Looking at this chart, it is important to note that we may reach the 4200 level if we break above the channel's downtrend line. The 50-Day EMA, which is slightly above the 3900 level, might be reached if we reverse course and break below the bottom of the hammer for the previous trading session.

To put it mildly, the markets will continue to seem quite loud and will fluctuate quite a bit depending on what we observe on results calls. In the end, I believe you should size your positions extremely carefully since there will probably be a lot of back-and-forth trading. You must be aware that the earnings season may be quite loud, and that the most recent "story" can often obscure the truth.

A significant amount of selling would begin if the price fell below the 50-Day EMA, however I don't anticipate this to happen quickly. Anything over the 4200 mark would indicate that a new bullish trend is likely to be starting in the market. I still lean toward the negative at this time, but the situation is definitely becoming fascinating.