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

US Stock Market Forecast Video for 19.07.23

S&P 500 Technical Analysis

The S&P 500 has done very little in early market trading, as we continue to look a little stretched at this point. Alternatively, a pullback from here opens up a move down to the 4500 level, which is a large, round, psychologically significant figure, and then again the bottom of the overall trading channel. The 50-Day is reaching toward the bottom of that channel, and therefore I would anticipate seeing more support there as well.

In general, this is a market that remains very bullish, but I do think at this point in time we have to look at this through the prism of buying value when it occurs. That being said, the market is seasonally quiet this time a year, and then you also have to keep in mind that were in the midst of earnings season, so it could give us an idea as to where we are going longer term. That being said, the market is likely to see a lot of volatility, but a lot of traders will be waiting for these pullbacks to show signs of support.

In fact, it’s not until we break down below the 4300 level that you can make a serious argument to start shorting, something that’s very difficult in a bubble. Keep in mind that market participants will continue to look at this through the prism of trying to find value, and I think that’s probably the way you should be going in the future. However, if we do break down below the 4300 level, things could get ugly. As we are in the midst of earnings season, keep your position size reasonable.

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