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S&P 500 Forecast: Ready to Reach to the top of the Overall Consolidation. – 09 November 2022

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If we break above the 200-Day EMA, then you have a huge turnaround.

The S&P 500 has rallied significantly during the trading session as traders are trying to find some type of excuse to start buying again.One of the big ones right now is that stock markets “should rally after midterm elections.” I’m not sure what to do that information other than recognizing that other people or placing bets based upon that.I don’t necessarily think that this is a situation where you can jump in and start buying right away unless of course you are looking for short-term trade. Short-term trades of course are completely different than a longer-term positions.


The 3900 level above is an area that has been resistant more than once but also has been supported. Because of this, I think that the rally is probably going to test that area, but the real question is not to be so much about the midterm elections in Congress, but probably more to do to the CPI numbers that come out on Thursday. The CPI numbers of course a lot of people watch because are trying to figure out what the Federal Reserve is going to do. Inflation is so hot in the United States that it’s difficult to imagine that the Federal Reserve is going to turn around anytime soon.

The fact that we have broken above the 50-Day EMA is a positive turn of events, but that does not necessarily mean that we are ready to go higher. The 3900 level being broken to the outside does open the possibility of a move to the 4000 level, which is right around where the 200-Day EMA is currently hanging around.

If we break above the 200-Day EMA, then you have a huge turnaround. However, any signs of exhaustion between here and there I think will be looked at by the longer-term traders as a potential shorting opportunity, as there are so many different things out there that could cause chaos when it comes to risk appetite in general. Because of this, I think signs of exhaustion will be closely followed. After all, we have seen a huge amount of negativity out there, and that doesn’t necessarily just disappear immediately. With this being the case, I am looking for signs of a longer-term trade but recognizing the shorter we may have further to go to the upside.

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