S&P 500 Forecast – S&P 500 Continues to Drift Ahead of NFP

Christopher Lewis
Published: Apr 3, 2024, 13:04 UTC

The S&P 500 was somewhat quiet during the early hours on Wednesday, as we continue to drift ahead of the vital Non-Farm Payroll numbers on Friday.

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S&P 500 Technical Analysis

The S&P 500 was rather quiet in pre-market trading on Wednesday, which is not a huge surprise considering that this is a non-farm payroll week. In other words, the later we get into the week, the more likely we are to see somewhat lackluster trading. Quite frankly, when I look at this chart, what I see immediately is that we are in an uptrend that, although we have pulled back a bit, it really in the big scheme of things is not a big deal. With that being the case, I am still looking for short-term pullbacks that offer support that we can take advantage of. Ultimately, the 5200 level looks to be important.

And with that being the case, it should not be a surprise that we have held onto it. It was previously resistance and now offers support, showing a little bit of market memory. Even if we were to break down below there, I think there’s plenty of support below at the 5100 level, the 50-day EMA, and then again at the 5000 level, which obviously has a lot of psychology attached to it.

We are in a nice uptrend. I don’t see any reason to fight it. Although you are going to have to be a little bit patient here over the next couple of days, why? Because Wall Street decides whether or not it wants to get bullish with, of course, the employment figures on Friday, as they are a huge driver as to where we go a little bit longer to the upside, or if we need some type of correction. Either way, I remain bullish.

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

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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