S&P 500 Forecast Today - 09/09: Selling Continues (Chart)
(MENAFN- Daily Forex)
I can see that this index is falling rather rapidly due to the week jobs numbers coming out of the United States. Because of this, I think we have a situation where Wall Street is finally coming to the conclusion that perhaps there is something wrong with the overall global economy. Now that this is the case, it'll be interesting to see how this plays out, because quite frankly the narrative has been for a“soft landing” coming out of the United States, but it doesn't look like that's going to be the case.
Economic Trouble Ahead
The economic trouble ahead is starting to become apparent, and I think a lot of people are starting to pay close attention to this as the markets will continue to see a lot of questions asked about whether or not central banks are behind the curve. Quite frankly, they are, and it is only a matter of time before the Federal Reserve has to panic. This might lead to a deeper correction, but at this point I think you need to understand that things could be a bit noisy and troublesome, and if we were to break down below the 5400 level, that could lead to even further selling.
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It's worth noting that we sliced through the 50 Day EMA during the trading session, and now it looks as if we could see a bit of a“trapdoor effect” if we continue to drop below that 5400 level, opening up the possibility of dropping another 200 points to reach the 200 Day EMA, near the 5200 level. In general, the market will continue to see a lot of volatility, and therefore think you got a situation where the buyers might be underneath, but quite frankly we need to see some type of stability in order to get long again, because quite frankly jumping in and trying to buy this market is the same thing is catching a falling knife.
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