S&P 500 Price Forecast – S&P 500 Continues to Climb

Christopher Lewis
Published: Apr 24, 2024, 13:27 GMT+00:00

The S&P 500 continues to see a lot of upwards pressure, as the markets are likely to continue recovering after the recent sell off that the stock markets have gone through.

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S&P 500 Technical Analysis

The S&P 500 has been hanging around the 50 day EMA overnight in electronic trading, which makes a certain amount of sense as we continue to try to grind higher. But also, I would point out that we have a scenario where we have to deal with the 5100 level, the 5100 level, of course, being an area that a lot of people would pay attention to from a psychology standpoint, more than anything else.

Nonetheless, this is a market that I do think, given enough time, should continue to see upward momentum as we go through earnings season and perhaps more importantly, move along without any real concerns about geopolitics, at least as far as Wall Street is concerned, I should say interest rates being cut later in the year still seems to be the narrative, but at this point in time, it might just be tighter for longer from the Federal Reserve.

And that has a major influence as well. If we can break above the 5100 level, then I think you’ve got a real shot at this market trying to take off towards the highs again. Granted, it’s going to take significant effort to make that happen, and we may consolidate in the short term. But clearly there’s been a major shot across the bow here on Tuesday and Wednesday.

It looks like it’s at least trying to continue this upward trajectory. The 5000 level of course causes quite a bit of psychological support, but it’s probably worth knowing that the support extends down to 4925 as shown a couple of times already. So, pullbacks, I think, continue to offer plenty of value.

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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