S&P 500 Price Forecast – S&P 500 Continues to Act Bullish

Christopher Lewis
Updated: May 21, 2024, 15:39 GMT+00:00

The S&P 500 continues to see a lot of bullish pressure underneath, as the market remains elevated. The 5300 level continues to be important as well, and as a result, I think we are going to see yet another surge higher in this market.

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S&P 500 Technical Analysis

The S&P 500 has gone back and forth during the last couple of days and Tuesday looks to be very much the same. The 5300 level should be an area of interest as it was the previous resistance. And of course it was also a large round, psychologically significant figure.

So, with this being said, the market is likely to continue to see short term pullbacks as buying opportunities. After all, we are in a major uptrend. And I think at this point you can’t fight it. Ultimately, I think this is a market that any time it drops, there will be people willing to jump in and pick up value and continue to push the S&P 500 higher.

The 5200 level underneath should be massive support, especially with the 50 day EMA reaching towards their offering support as well. Given enough time, I do think we probably go looking to the 5500 level, but that doesn’t necessarily mean that it is going to be very easy to make happen. In general, I like the idea of buying dips, but I also recognize that if we break higher groundbreaking above the high of the trading session on Monday, then maybe a little bit of FOMO enters the market and pushes the S&P 500 higher. In this environment, you could see a very big move higher, but I still think that we have to keep in mind that earnings are still coming now, and that could cause a bit of volatility from time to time.

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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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