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According to Axios: A senior U.S. official said Iran has submitted an updated ceasefire proposal, but the White House believes the proposal lacks substantial improvements and is insufficient to reach an agreement.On May 18th, according to CNBC, EU Economic Affairs Commissioner Dombrovskis stated that the spring economic forecasts, to be released later this week, will show downward revisions to economic growth figures, while inflation figures will rise, due to the "stagflation shock" from the war with Iran. Dombrovskis stated, "We are experiencing a stagflation shock." He added that policymakers now have "more limited" room for action, with little room for large-scale fiscal responses like those during the pandemic. He stated, "We believe that the support measures we take should be temporary and targeted, rather than those that will actually drive sustained growth in demand for fossil fuels." Meanwhile, Dombrovskis described the EUs release of strategic petroleum reserves as "ongoing," adding concerns about supply shortages in areas such as innovative fuels. He stated, "The longer the conflict lasts, the greater the risk of certain supply bottlenecks, which further confirms our view that policy responses should not increase demand for fossil fuels."According to CNBC, Trump will introduce more prescription drug discount options.Turkish Foreign Minister: There is no reason why Iran and the United States cannot reach an agreement on a neutral position through negotiations.According to CNBC, the European Union will lower its economic growth forecast and raise its inflation forecast.

S&P 500 Price Forecast – Stock Markets Look Skittish

Florala Chen

Nov 29, 2022 16:04

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Technical Analysis of the S&P 500

The key downtrend line that I've noted on the chart and the 200-Day EMA are both obstacles that the S&P 500 has fallen a little bit against during Monday's trading session. It's crucial to note that we are hovering around the level of 4,000, which is a psychologically significant area.


Remember that there are many worries about a recession and a loss of income, which will almost probably be a significant issue. This market might attempt to drop back down to the 3900 level, an area that has previously been supported, if we break down below the 4000 level. The 50-Day EMA, which is now at the 3886 level, might be reached if there is a breakdown below that level. 

Anything below there might aggressively resume the longer-term downtrend.


On the other hand, if we were to reverse course and start moving upward, clearing the daily downtrend line on a daily candlestick, it's probable that this market would attempt to move to the 4150 level and then the 4200 level. 


Nevertheless, as we attempt to determine our course for the remainder of the year, I believe the one thing you can probably bet on is a lot of choppy and noisy behavior. Additionally, money managers have a natural inclination to purchase equities at the end of the year to demonstrate to their clients that they are keeping onto the right investments. The December Federal Reserve meeting, though, will mostly eclipse everything.

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