S&P 500 Price Forecast – S&P 500 Turns Around After Rumors

From Daily Forex, this is Christopher Lewis taking a look at the S&P 500. The S&P 500 initially looked pretty weak during the trading session here on Thursday as interest rates continued to scream higher. However, later in the session about 12:00 noon New York time, we've received something crossed the wire that supposedly the United States and Iran are working on a phased opening of the Strait of Hormuz. If that's the case, then it's obviously good economic news. And the reaction shows you that we are still very much sensitive to what's going on there. And I believe ultimately that could be what decides where we go next. Now, that being said, the 50-day EMA underneath offers support. And I also believe that the 7600 level offers support as it had in the past and it had also been resistance. To the upside, the 7800 level is a pretty significant area of resistance. If we were to break above there, I think it does allow the S&P 500 to go much higher. What I would point out, and this is probably the biggest takeaway over the last couple of weeks in this market and US indices in general, even though interest rates are screaming higher, stocks are behaving relatively well. And that tells me that the market does not want to fall. So, draw your conclusions from that, but I think it's pretty obvious who actually controls the market right now. And that would be the buyers.