The S&P 500 index fell for the week as the jobs numbers with signs of cooling efforts are eternally hopeful in the minds of traders on Wall Street.
S&P 500 weekly forecast video for 08/07/23
Weekly S&P 500 Technical Analysis
The S&P 500 dropped somewhat during the trading week, however it looks like we will continue and start to see the 4500 phase get a lot of attention. The jobs number came out cooler than expected on Friday, so there are certainly a lot of men and women in the market who are excited, and it’s only a matter of time before we get some type of plot that traders will continue to pile into. .
At this point, I believe you will get a scenario where the market will continue steady and see a lot of volatility, but pullbacks will continue to be seen as buying opportunities as the market looks like the uptrend is most definitely intact as another plot is likely to be in that the jobs numbers show that the economy is cooling and the Federal Hold will not be as aggressive as people feared. Whether or not this is an event remains to be seen, but I believe we are still seeing more of a “down” mentality in the industry, with the 4400 phase and certainly the 4300 phase still providing significant support.
I’m not interested in shorting the industry anytime soon, because that doesn’t lead to shorting in this environment. Let’s remember that there are only a handful of stocks that will continue to push into the larger market all the time, so assuming all the “generals” get bigger, so will the catalog itself. Whether we can create a new, new full short-term remains to be seen, but you have to look at the pullback as a possible price only at this point.