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S&P 500 Price Forecast – Bear Market Rally From a Major Support Level

Skylar Shaw

Jun 22, 2022 14:28

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Techniques for the S&P 500

The 3700 mark has generated some buying pressure, which has helped the S&P 500 gain some ground during Tuesday's trading session. As we neared the 3800 level, I started searching for signs of tiredness because I had previously said that possibly the neutral candlestick from the trading session on Friday could result in a slight bounce. Despite this, we could still surpass our previous record; when everything is said and done, we might even reach the level of 4000. After all, I believe anyone with impartiality in their analysis can see that we have been oversold.


On the other hand, it wouldn't surprise me either if we turned back and fell from here. It would surprise me if our mindset suddenly changed, and at this point, I believe that there are many individuals who are underwater who would be more than happy to short this market on a rally. In the end, the Federal Reserve will continue to believe that tightening interest rates is necessary, and as long as that is the case, Wall Street will scream.


The 50 Day EMA is presently at the 4068 level and is declining, therefore I believe it corresponds with a possible big barrier at the 4000 level. If we bounce that high and exhibit indications of tiredness, I won't hesitate to sell at that level. The trend won't alter unless we break above the 4200 mark, and to be honest, I don't believe that's going to happen until something significant changes.


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