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

S&P 500 Technical Analysis

The S&P 500 rallied just a bit during the early hours on Friday as the market is trying to reach its highs again. All things being equal, short-term pullbacks make quite a bit of sense, but they also make a lot of sense as potential buying opportunities. After all, the 5,100 level underneath is an area that I think a lot of people are going to be looking at as it previously has been both support and resistance, so it brings a bit of market memory.

I do think given enough time we break to an all-time high again testing the 5300 level. The market might be a little stretched here but clearly, it’s in an uptrend and there’s nothing you can do other than either buy the market or sit on the sidelines.

Really, you can’t short the market. It’s not equal weighted anyway, so it’s not even designed to fall. I think at this point in time, the 5,000 level has become a pretty significant floor. The question now is, do we break above 5,300 and continue higher, or do we just consolidate for a while between maybe 5,300 on the top and 5,000 on the bottom? Either way look for value, that’s what I’ll be doing.

Every time it pulls back, I assume that there will be buyers underneath looking to get involved one way or the other. I do believe we are going to hit the all-time highs again, and probably sooner than most people believe as this point as Wall Street continues to find any reason it can to buy.

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