S&P 500 Price Forecast – S&P 500 Continues to Build Case For Higher Prices

S&P 500 Technical Analysis

The S&P 500 obviously has a very choppy and lost market at this point. But when you look at the longer term, it’s obvious that we are in an uptrend. And I don’t think that’s changing anytime soon. The 5300 level is an area that a lot of people will pay close attention to as it’s a large round psychological significant figure, but it’s also an area where we have a lot of options traders working. So with that, I think short-term pullbacks are likely to see buyers on value. The 5250 level underneath is an area that I think underneath continues to be support, and the 50-day EMA is hanging around the $5200 level.

Ultimately, this is a market that continues to see plenty of upward pressure. And once we do break out above the highest of last week, I think that the S&P 500 could go look into the 5,500 level. All things being equal, this is a market that I think continues to go higher over the longer term. And I do think that a lack of massive economic announcements gives the S&P 500 more of a proclivity to drift higher. I don’t know if it melts up. I just think that it has more of a chance of just kind of drifting to the upside over the next several sessions. I certainly look at pullbacks as potential buying opportunities and have no interest in shorting the S&P 500 anytime soon, and believe that we are going to eventually continue to grind higher overall.

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