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

S&P 500 Technical Analysis

The Friday showing was a little bit buoyant during the nonfarm payroll announcement, but afterwards it looks like we are trying to rally and continue to go higher, and I think this is a scenario where traders will continue to see a lot of upward pressure. This is a strong uptrend, and one that I don’t see changing anytime soon.

And if we can break back above the 5200 level, then we could really start to take off to the upside. At that point, I anticipate that we will probably revisit the overall highs. Short term pullbacks continue to be bought into from everything I see here. And therefore, I look at this very much the same way as I have recently.

It’s just simply buy on the dip. The market eventually will take out the highs for everything I see. And that being said, you should also pay attention to the fact that a lot of the sell off during the Thursday session was due to a couple of errant comments coming out of Federal Reserve members. It wasn’t necessarily anything changing.

So, with that, I like the idea of taking advantage of momentum and just simply joining the fray. I have no interest in shorting this market anytime soon. This is a market that continues to run on momentum, and the idea that people will continue to look to the Fed for support in the form of rate cuts overall.

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