Could S&P 500 drop to the 4,111 level?

Anton Kolhanov Anton Kolhanov

Weekly forecast, May 29 – June 2, 2023

Uptrend scenario

An uptrend will start as soon, as the market rises above resistance level 4244, which will be followed by moving up to resistance level 4382.

Downtrend scenario

Correction possible from resistance 4244 to support 4111.

Monthly forecast, May 2023

Uptrend scenario

The uptrend may be expected to continue, while market is trading above support level 4068, which will be followed by reaching resistance level 4206 – 4244 and if it keeps on moving up above that level, we may expect the market to reach resistance level 4382.

Downtrend scenario

An downtrend will start as soon, as the market drops below support level 4068, which will be followed by moving down to support level 3937 and 3839.

Author

Anton Kolhanov

Anton Kolhanov is a trader and an analyst. He started to study the Forex market in 2003.

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