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

US Stock Market Forecast Video for 30-01-2024

S&P 500 Technical Analysis

The S&P 500 has shown itself to be bullish yet again, but all things being equal, the short-term pullback is a buying opportunity, especially with the 4800 level being a massive support level as it was previously a resistance barrier. All things being equal, I do think that this is a scenario where you are trying to find some type of value because we are overextended, so I’m not a buyer up here, although I certainly wouldn’t be a seller as well.

And therefore, I do think we eventually get to the 5000 level. But in general, this is a situation where you have to, at the very least, kill some time and go sideways. After all, markets can’t go straight up in the air forever and, of course, the most important thing that we have to pay attention to is the fact that we have the FOMC meeting on Wednesday and, perhaps even more importantly, the press conference afterwards.

In this environment, it’s difficult to understand just how important this is going to be, you know, as far as trying to find value because the last thing you want to do is be the person holding the bag all the way up here. The 4900 level is going to offer some resistance, so keep that in the back of your mind as well. A 200 point drop would be the best thing that we can see for this market, but whether or not we get it remains to be seen.

Remember, the S&P 500 is driven by about seven stocks. It has nothing to do with, you know, the underlying economy or anything like that. It’s all about seven stocks and of course, the Federal Reserve and what they are going to do with monetary policy, because Wall Street needs that cheap money to keep pumping up assets. I expect they will find one reason or another after the Wednesday session to get excited, but what that is, I do not know.

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