It was a strong week for stocks even with a stacking set of risks on the horizon. Are bears done here or are we setting up for something larger? Get your weekly S&P 500, Nasdaq 100 and Dow Jones forecasts from JStanleyFX here:
. And this week we had some commentary from Jerome Powell amongst a slew of other Fed-speakers to add some context to the matter. There seemed to be a disconnect, as much of that Fed-speak pointed to continued hawkishness in effort of addressing inflation while identifying a number of other risks on the horizon. President Biden warning of a global food shortage this year.from the price ramps that’ve shown in raw materials of late.
Collectively this can spell for a troubling backdrop at the Fed considering how far behind the curve that they are with inflation. Yet, stocks have just continued to run-higher even with these risks flaring in-front of us. As such, the forecast will be set to neutral for next week, but I believe there remains bearish potential in here and next week may bring that to the forefront as
on Friday puts the focus right back on employment data, which the Fed has pointed to as being a prime motivator for adjusting policy in the face of raging inflation.The big level for last week in the S&P 500 was at 4500. We got there on Tuesday and it held as resistance into Friday, with late-week price action finally showing a bit of short-term support off of that level. At this stage, resistance has set at the 61.8%of the January-February sell-off and this plots at 4538.
A breach of that resistance opens the door for a move up to another key area, plotted from 4572-4586. Beyond those zones is a 3Each of those resistance zones is fairly well-defined by prior price action. For bulls, these zones could operate as breakout areas and next targeted resistance zones. But, for bears, the two resistance zones above the current can be used for reversal potential provided that sellers actually show up there.
In the S&P 500, bears are going to want to see that 4500 level traded through before getting the idea that the trend is nearing another turn.
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