S&P 500 Price Forecast – S&P 500 Continues to Look Bullish Despite Quiet Thursday Morning

S&P 500 Technical Analysis

The S&P 500 has done very little during the early hours on Thursday as we are now digesting all of that noise from the FOMC meeting. At this point, the market does look a little overbought, but I think at this point, you can also look at any pullback as a potential buying opportunity. The 5,300 level will continue to be important if we do get a significant pullback. Above, I see the 5,500 level as a target, and quite frankly, I think it’s only a matter of time before we get there.

Whether or not we break through there remains to be seen, but we still have a good half of a year to go to make that level disappear and I think that’s exactly what will happen eventually. Keep in mind that Wall Street is still jumping in on the idea of lower rates coming despite the fact that they haven’t shown up and that’s the narrative that everybody loves. Well, that and artificial intelligence. We’re starting to hear murmurs about that as well.

So, with this being the case, it’s a market that you can’t fight. You obviously cannot get short of this market. And I think dips do offer value until quite frankly something changes. Right now it doesn’t look like that’s going to happen. And therefore, I have to remain bullish. If we can break above the 5,500 level, then the next target could be as high as 5,750.

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