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10 reasons for the drop in oil prices this week, and what’s next10 reasons for the drop in oil prices this week, and what's next

S&P 500 Weekly Technical Analysis

The S&P 500 has done very little during the course of the week, as we are testing the top of the descending channel. All things being equal, the market recently has seen a massive bounce from the bottom of the down trending channel, and now that we have slammed into the top of it, the market is trying to figure out what we are going to do. In general, this is a market that I think continues to see a lot of back-and-forth from a longer-term perspective, and if we break down below the bottom of the candlestick for the week, we could very well see the S&P 500 drop down to the 50-Week EMA, possibly even down toward the bottom of the overall downward channel.

On the other hand, if we turn around and take out the highs of the last week or so, then you could have the market going toward the 4600 level above. Adding to the noise and volatility is the fact that we are in the midst of earnings season, so that of course has a certain amount of influence as well. The S&P 500 is only driven by a handful of stocks, so if you are paying attention to the “Magnificent 7”, you essentially know where the market is going to go. This includes Microsoft, Apple, Nvidia, etc.

The previous candlestick was very big, and that does suggest that there is a certain amount of buying pressure, but really at this point in time the fact that we didn’t do anything during this past week suggests just how unlikely we are to continue to have an easy path forward.

For a look at all of today’s economic events, check out our economic calendar.

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