. Index News - S&P 500 Forecast & Technical Analysis - 23 November 2022

Index News – S&P 500 Forecast & Technical Analysis – 23 November 2022

Index News – S&P 500 Forecast & Technical Analysis – 23 November 2022

23 Nov 2022

S&P closes at more than two-month high on retail, energy lift

U.S. stocks rallied on Tuesday, with the S&P 500 closing at its highest level in 2-1/2 months, as a sales forecast by Best Buy dampened concerns high inflation would lead to a dismal holiday shopping season while a bounce in oil prices helped lift energy shares.

CNBC’s Jim Cramer said Monday that stocks in the benchmark S&P 500 will likely rally next month.

“The charts, as interpreted by the legendary Larry Williams, suggest that the Santa Claus rally is coming to town next month and you’ve got to get ready for it, or else you may be left behind,” he said, referring to the market phenomenon in which stocks gain near the end of the year

S&P INDEX TECHNICAL ANALYSIS:

DAILY CHART:

In the daily chart, S&P 500 is moving above all the MA.

RSI is in buying zone stochastic suggesting an uptrend.

Its immediate resistance is at 4047.77 and its primary support level is at 3960.33

HOW TO TRADE S&P INDEX IN THIS WEEK

S&P 500 is moving in an up channel, breaking the previous weeks high, if it breaks it immediate resistance and sustains on it then the market will continue to trade up, and remain bullish on it.

TRADE SUGGESTION-BUY AT 4020.00, TAKE PROFIT AT 4112.78, SL AT 3960.33