S&P 500 Price Forecast – Stock Markets Await Slew of News

Technical Analysis of the S&P 500

As the world waits for Jerome Powell's speech, the Core PCE statistics, and of course Friday's jobs report, the S&P 500 has been rather calm during the day on Wednesday. It's not a big surprise to see that individuals were taking a little break because all of this might lead to a lot of volatility. At this point, I believe it might make some sense for us to wander around aimlessly while seeking for a path.

Given enough time, I do believe that the market will have to move, and I have a sneaking suspicion that Jerome Powell may disappoint some.

However, if we were to break through the 4050 level, I believe we could move up to the 4100 level and perhaps the 4200 level in the storied "Santa Claus rally" that people look forward to each year.

However, if we fall below this level of 3900, we can experience a fast decline toward 3800. Remember that there are a lot of moving parts in the world right now, and that many people are naturally worried about the global growth outlook, which is, to put it mildly, not very healthy. Everyone is aware that a recession is imminent, but some financial channels are currently making the absurd claim that the recession "has already been priced in." Although that is gibberish, it is what you are hearing on the radio.