S&P 500 Price Forecast – S&P 500 Continues to Be Supported

Christopher Lewis
Published: May 22, 2024, 13:30 GMT+00:00

The S&P 500 continues to see a lot of support just below, as we continue to have a massive uptrend intact. As we are in the midst of earnings season, it makes sense that we are somewhat stagnant.

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S&P 500 Technical Analysis

The S&P 500 drifted a little bit lower during the early hours on Wednesday. But quite frankly, I think it’s just more of the same consolidation that we have seen recently. After all, this is a market that given enough time should see interest due to the fact that, well, Wall Street is just buying and not selling.

But we do have some earnings reports that could come into the picture and cause some noise. Furthermore, we also have to keep in mind that Wall Street is still going on about the idea of perhaps the Federal Reserve might cut rates someday. They probably will by the end of the year, but it will be very minor. Earnings season has been relatively strong, and the US economy continues to just move right along as well.

So, I think this is a situation where you continue to look at dips in this market house potential value. The 5,300 level is obviously an area that is somewhat important, but even if we were to break down to the 5,200 level, I suspect that there could be a lot of buying interest in that general vicinity as well. The target for the upside at this point has to be the 5,500 level, and although we are a bit stretched at the moment, between now and the end of the year, it really wouldn’t be that big of a deal. So I think you continue to have buyers every time we pull back, and that’s how you have to look at this market, the one that you’re looking to find value in.

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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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