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S&P 500 Price Forecast – S&P 500 Continues to Look Bullish

By:
Christopher Lewis
Published: Feb 22, 2024, 13:56 UTC

The S&P 500 rallied significantly during the trading session on Thursday in the early hours, as we continue to see a bullish attitude present itself in this market, as it seems like almost nothing will bring this market back down.

In this article:

S&P 500 Technical Analysis

The S&P 500 rallied early during the Thursday session as we continue to see a lot of upward pressure. Ultimately, we are threatening yet another breakout, and therefore it’s likely that we could go looking to the 5100 level. Ultimately, this is a market that every time we pull back, there are plenty of buyers, and I think that continues to be the case. The 4950 level underneath is an area of major support. And of course, after that, we have the 50 day EMA and the 4800 level. This is an area that I think you could look at as the “hard floor” in the overall trend at the moment.

All things being equal, we need to continue to look at the 5000 level as an area that we could continue to look at through the prism of a fulcrum for price. Nonetheless, we are in an uptrend, and that means that we will eventually continue to be the story here. We could go sideways for a while, and that would make a certain amount of sense as you do have to work off excess froth. However, I also believe that this is a market that ultimately will continue to be one that is constantly keeping its eye on the bond market and the idea that perhaps the Federal Reserve will cut rates this year.

As long as that’s the case, it seems like people are willing to jump in. Furthermore, you have to keep in mind that the S&P 500 has essentially become a huge ETF of just a handful of stocks. So, if all of the correct stocks are rising, meaning the top seven or so, then this is a market that will rise with it. After all, it’s about 40% of what you’re seeing on the chart. In other words, it’s not an actual stock market, it’s an ETF. With that being the case, look for pullbacks as buying opportunities and I do think that we are going to see $5,100 sooner rather than later.

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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