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

By:
Christopher Lewis
Published: May 28, 2024, 12:33 GMT+00:00

The S&P 500 has been a bit sluggish in the early hours of Tuesday, as the Americans are coming back from a holiday. However, with a lack of major economic announcements, this week could be a grind higher.

In this article:

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.

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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