S\u0026P 500 Forecast: Index Continues to Look Sick

The 4200 level being tested is something that you should pay attention to because anytime we pass a large, round, psychologically significant number, we are also ripping through an options barrier. At this point, it is very likely that we will continue to see downward pressure, especially as we were selling off into the close.

At this point, I anticipate that the futures market will go looking to the 4100 level, where breaking through that could open up a move to the 4000 handle. At this point, the 4000 level seems to be a consensus target, and there is nothing on this chart that suggests that we could not get there. Because of this, I believe we have a situation where the market will be noisy and dangerous, so you need to be cautious about trying to jump into quickly.

Looking to the upside, I do not necessarily have a scenario in which I would be comfortable buying the S&P 500, but if the Federal Reserve suddenly changes its overall hawkish attitude, then it is possible that we could get a reversal. In this scenario, things could change quite rapidly but am not holding my breath for this, and I think Wall Street is finally coming to the conclusion that perhaps the Federal Reserve is serious about fighting inflation.

Source: Financial Digest (financialdigest.net)

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

500 Migrants Found in Nine Tractor-Trailers in One Week near Border in TexasLaredo Sector Border Patrol agents interdicted nine human smuggling attempts utilizing tractor-trailer rigs during the past week. Thanks JOE! Anyone, even communists with C19+ are welcome here in the US. We have almost no crime, free food and very low cost housing. Oh and gas is really inexpensive especially in the last 12 months.
Source: BreitbartNews - 🏆 610. / 51 Read more »

S&P 500 and Nasdaq 100 Outlook: Test of Yearly Lows NearThe S&P 500 reversed with vigor yesterday, but it’s just a one-day reversal within a weak trend. It appears the market is set to test the March lows soon or worse. Get your market update from PaulRobinsonFX here:
Source: DailyFX - 🏆 305. / 63 Read more »

Grim milestone: More than 500 Florida manatee deaths recorded so far in 2022So far in 2022 there have been 515 deaths reported by the Florida Fish and Wildlife Conservation Commission.
Source: wjxt4 - 🏆 246. / 63 Read more »

S&P 500 Extends Losses as April Consumer Confidence Misses ExpectationsApril consumer confidence falls to 107.3 from 107.6 in March, disappointing consensus expectations. S&P 500 extends losses following results as gloom may weigh on household spending & corp. earnings.
Source: DailyFX - 🏆 305. / 63 Read more »

Dow drop nears 500 points, big tech crumbles ahead of earningsInvestors settled in for another choppy session on Tuesday.
Source: FoxBusiness - 🏆 458. / 53 Read more »

A shooting near Indiana University campus during Little 500 weekend raises questions among studentsAfter a shooting this weekend during Little 500 weekend in Bloomington has led to questions from students and parents about the Indiana University Emergency Alert System.
Source: wrtv - 🏆 598. / 51 Read more »