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S&P 500 Price Forecast – S&P 500 Continues to Attempt a Recovery

By:
Christopher Lewis
Published: Apr 22, 2024, 13:06 GMT+00:00

The S&P 500 continues to see a lot of noisy behavior, and on Monday saw an opportunity to break above 5000. Once it can hold on at this point, it is likely to see a move to the 5100 level.

In this article:

S&P 500 Technical Analysis

The S&P 500 has rallied pretty significantly right off the bat overnight as it looks like we are trying to recover the 5000 level and perhaps even go higher. This does make a certain amount of sense, considering that we are oversold. And of course, the fact that we have very little in the way of economic announcements in the next day or two to really get the market moving. Yes, we are in the midst of the earnings season in the United States but the reality is people just aren’t paying attention to earnings for the most part. What they’re focusing on is whether or not the Federal Reserve is going to offer more liquidity.

And of course, whether or not the conflict in the Middle East becomes more aggressive. At this point, it looks very much to me like a market that is trying to bounce. And I think that does make a lot of sense, considering that we’ve had a fairly significant pullback of 6.76% at the bottom. So, it is going to attract a certain amount of people in a trend following.

With that being said, I like the S&P 500, but I also recognize that we have a lot of noise between here and the 5100 level above, which I think could be your short term target. I wouldn’t have a huge position though, as we are more likely than not to see a lot of noise going forward. This is a market that is in an uptrend, but at this point in time, this is a scenario that makes it a difficult environment.

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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