S&P Weekly Forecast: Breaking below 4450 will confirm bearish.

The S&P 500 could see a dip in its value if it continues downward, though it is still on an uptrend.

But the recent pandemic concerns and ahead of year-end profit may grow some volatility and hampered S&P 500 upward momentum.

But the good news is the backdrop of a supportive fundamental environment, strong corporate earnings, and constructive profit outlook will be the driving force for most U.S stocks in this market. However, omicron variant uncertainty can also drive price action over short-term periods.


Technically, 4448 is the channel support from the present rates. So, as long as S&P 500 holds these points, we should wait. Fundamental reports are positive as well.
So, we can't sell instant.

But this is also true; pandemic and year-end profit may break the 4448 points. If the market can break below 4448, we will go short, and our first target will be 4300 /4250. and the final target to the downside is 4100.

I don't think the market will drop more than 4100 points if something doesn't happen like the US-China or US-Turkey trade war again.

On the other hand, the market still has chances to go upside down and may test 4650/4670 points nearly first channel resistance again. And final target to the upside is another trend line resistance 4770/4800 points.