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

S&P 500 Technical Analysis

The S&P 500 rose a bit early during the trading session on Wednesday as we continue to see more of a buy on the dip type of attitude here. Ultimately, this is a market that I think, given enough time, will sort out where it wants to go. But right now, I think you have to look at this through the prism of whether or not a pullback is going to be value. Right now, it certainly does look as it could be. And therefore, I just look at this through the prism of a market that if it does drop, you need to step in and pick it up. Eventually, I think we go looking to the 5300 level, and I do think that there is a significant amount of support underneath near the 5150 level.

In general, this is all about the Federal Reserve stepping in and loosening monetary policy. And therefore, I think a lot of people will continue to look at this through the prism of that easy monetary policy attracting so much attention. With that being the case, I think it’s difficult to fight this momentum. And I do think that we reach 5300 rather quickly.

Given enough time, I think we probably go much higher than that, but right now, this is a market to me that looks like it does want to go higher. It is forming a little bit of a flag, I suppose, which is also another bullish sign, but I digress. At this point in time, I continue to buy dips in this market and most other indices, as stock traders are running wild around the world.

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