S&P 500 Price Forecast – Stock Markets Continue to Be Noisy

US Stock Market Forecast Video for 01.03.23

S&P 500 Technical Analysis

The S&P 500 has gone back and forth during the trading session on Tuesday, as we continue to see a lot of noisy behavior. Ultimately, the 50-Day EMA and the 200-Day EMA indicators are just above, causing a lot of trouble. They should be resistance going forward, and I just don’t see how we break out above there without some type of fundamental change.

Furthermore, we had some negative consumer confidence numbers coming out of the United States during the day, and the Richmond Fed Index was horrible as well. In other words, it looks like the US economy is slowing down so therefore I think Wall Street may celebrate short-term about the idea that the Federal Reserve may not have to tighten as long as they once thought, but we’ve been playing this game for a while, only to see the Federal Reserve reiterate what it’s going to do.

Because of this, I think it’s probably only a matter of time before we break down and I look at rallies as potential shorting opportunities. I have no interest in buying this market at the moment, because quite frankly the volatility is sickening on just about any given day. High volatility almost always means lower prices given enough time, but it’s also worth noting that the narrative and the “hopium” on Wall Street never ceases to amaze me, because we have an entire generation of traders who believe that the Federal Reserve’s job is to bail them out of difficult moments. Something’s going to break, and when it does is going to break in a spectacular fashion.

For a look at all of today’s economic events, check out our economic calendar.