S&P 500 Weekly Forecast

This/Next Week Forecast (January 4 – 8, 2021)

Uptrend scenario
The uptrend may be expected to continue in case the market rises above resistance level 3747, which will be followed by reaching resistance level 3800.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 3713, which will be followed by moving down to support level 3675 and if it keeps on moving down below that level, we may expect the market to reach support level 3586.

Chart S&P 500 This/Next Week Forecast, Technical Analysis

previous week forecast
Chart S&P 500 This/Next Week Forecast, Technical Analysis

The Most Important News Of This Week

Monday
EU – Manufacturing PMI
US – Manufacturing PMI
Tuesday
US – ISM Manufacturing PMI
Wednesday
EU – Markit Composite PMI
US – ADP Nonfarm Employment Change, Markit Composite PMI, FOMC Meeting Minutes
Oil – Crude Oil Inventories
Thursday
EU – Core CPI, ECB Monetary Policy Statement
US – Initial Jobless Claims, ISM Non-Manufacturing PMI
Gas – Natural Gas Storage
Friday
EU – Unemployment Rate
US – Nonfarm Payrolls

Fundamental Analysis

Economic recovery shows potential for uptrend to the level 3800 – 3900.

Monthly Forecast, January 2021

Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 3594, which will be followed by reaching resistance level 3800 – 3900.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 3594, which will be followed by moving down to support level 3475 and 3280.

Chart S&P 500 Forecast 2020, Long-term Outlook, Technical Analysis

previous month forecast

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