S&P 500 Forecast: Pulls Back Only to Find More Buyers

Buyers still seem to be coming into the picture and are starting to buy again. The SandP 500 initially retreated only slightly to find buyers below during Thursday’s trading. In doing so, we formed a slightly bullish candlestick, but we are still firmly in the area of ​​massive consolidation. The 100 level seems a bit tempting for its price, so it’s worth paying special attention. Announcement image Take advantage of today’s market TRADE NOW Finally we bite the hammer for Thursday’s trade when I think we can look at the last swing low which is a bit closer to the 100 level itself. If we diverge there, we’re probably looking at the moving averages below. When we talk about these moving averages, the EMA of 50 days and the EMA of 200 days, we see that they meet to form a so-called „golden cross”. Although I am not a big fan of this signal, many people pay attention to it because of the long-term „buy and hold” type of signal. That said, it causes at least some noisy behavior. We could go much lower If we break below the moving average, we could probably go much lower. In this scenario, not only would we break below some important moving averages, but we would also open up the possibility of a move below the ,000 handle, which in itself attracts a lot of attention. At this point we need to go down to the 3800 level. The 3800 level is low, which I think a lot of people pay a lot of attention to. Below it is like a hatch opening. On the other hand, if we turn above the 200 level, I think we will probably look at the 300 level, followed by the 00 level. Obviously, this would require Wall Street to continue ignoring inflation and what the Fed is doing, but that’s exactly what they’ve been doing very well lately. So I think you have a situation where buyers seem to be re-entering the picture and starting to buy again.

Ethan Andrews

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