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S&P 500 Price Forecast – S&P 500 E-mini Contract Finds Support at 3600, at Least for Now

Steven Zhao

Oct 12, 2022 15:37

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Technical Analysis of the S&P 500

The S&P 500 has decreased somewhat during Tuesday's trading session as a result of the overwhelming criticism. Although we haven't broken down much, I believe that the inflation data coming out of the US this week will be the spark that everyone else is looking for. Since the Federal Reserve pays special attention to the CPI and PPI figures, if they turn out to be higher than expected, the stock market will almost certainly crash.


It's conceivable that the market will decline to the 3500 level if we do make a new, lower bottom. The 3500 level below is a big, round, psychologically important figure that could draw some attention, but I believe we also move below that level. The 3800 level, on the other hand, might be a big resistance level that will be challenging to break over if we turn around a rally at this point in time.


I do believe that it is likely just a matter of time until the sellers get involved, and I would be more than prepared to fade symptoms of tiredness as soon as they appear, as the 50-Day EMA is pushing near that region, adding more pressure. At this time, this market is still showing a lot of noisy behavior, and volatility is increasing, which makes the market very risky. Markets that are volatile are often not particularly profitable markets.

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