S&P 500 Price Forecast – The Stock Market Continues to See Massive Volatility

S&P 500 Technical Analysis

The S&P 500 has gone all over the place during trading on Wednesday as we have gotten the CPI numbers out of the way. They were hotter than anticipated, so it does make a certain amount of sense that the markets are trying to figure out what to do about that. With this being the case, we continue to see a lot of noisy behavior, especially as the 4100 level above is the beginning of a significant resistance barrier that will be difficult to overcome, and one that extends to the 4150 level.

Signs of exhaustion after short-term rallies will be sold into, and therefore I am more than willing to jump all over it. If we do break above the 4150 handle, then the 4300 level above is the next major resistance barrier. There is a lot of noise all the way up to that area, so I do not think it is going to be easy to get that extended.

Underneath, the market is likely to see the 3900 level as a support level, and it is possible that we could break down below there and open up the market down to the 3800 level. Ultimately, this is a market that I think you will continue to see a lot of selling pressure given enough time, and at that point in time, it is likely that buyers will continue to be thwarted every turn. I have no interest in buying this market anytime soon.

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This article was originally posted on FX Empire

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