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S&P 500 Price Forecast – Stock Markets Pull Back Zone of Interest

Cory Russell

Jul 27, 2022 14:31


Technical Analysis of the S&P 500

As the market appears to be preparing for the Federal Reserve meeting on Wednesday, the S&P 500 has been drifting lower during Tuesday's trading session. But to be completely honest, everything right now revolves around the interest rate increase and, of course, the statement that follows the announcement. The remark can provide us with a little "heads up" as to where to go next. The 3900 level is a previous resistance barrier and, of course, a big, round, psychologically significant number, so I believe that at this point we need to keep an eye on it.

On the plus side, since it is a sizable, round, psychologically meaningful number and a level that we had previously attempted to break above, the 4000 level will be a place that people closely monitor.

The market may aim for the 4200 level if we can rise beyond that. I believe everything aligns at that point because the 200 Day EMA is also present at the 4200 level. The market is currently in a positive trend above that level and will continue to be "buy on the dip."

On the down side, if we do keep going, we might reach the 3800 level, which is a big, round number with psychological significance and a place where there has been some noise in the past. The 3700 level then enters the picture following that. I do think that over the course of the next few days, we should have a lot more information.