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S&P 500 Price Forecast – Memorial Day Produces a Quiet Futures Market

Skylar Shaw

May 31, 2022 14:53

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S&P 500 Technical Analysis

Monday's S&P 500 futures reached the 50 Day EMA. We've pulled back to create a shooting star. I wouldn't read too much into the candlestick, but it does signal that continuing straight up from here will be harder than some expected. I believe it's just a matter of time until we sell down, and there's not much going on that tells me the market surge should continue.


Bond rates have fallen, which is a comfort, but the market will soon realize that people are purchasing bonds for safety, which is why yields are down. Various economic conditions haven't improved, either.


I believe we just saw a nasty bear market rally. If we break below 4150, the first selling opportunity appears. Below 4100, I expect heavy selling.


The market might reach 4300 without any fundamental change. At that moment, the 200 Day EMA comes into play. Several weeks ago, there was a selling "shelf" at 4300.

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