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

By:
Christopher Lewis
Updated: Feb 20, 2024, 07:57 UTC

The S&P 500 has done very little in electronic trading during Presidents’ Day in the United States, but it does look bullish at this point in time.

In this article:

S&P 500 Technical Analysis

The S&P 500 did very little during the trading session on Monday, which is not a surprise considering it was mainly due to electronic trading, Asia, Europe, those places. But the underlying index of course was closed due to the fact that it was President’s Day and that suggests to me that the market is just simply hanging around in this consolidation area after the sell off on Friday. But keep in mind Friday had two trillion dollars’ worth of options expiring. So, you can only read so much into it. Short term pullbacks at this point in time will offer buying opportunities closer to the 4950 level, and then possibly the 4800 level.

The 4800 level is sitting right around the 50 day EMA as well, so we do have a potential floor in the market. Short-term pullbacks are buying opportunities, and I do think that eventually we could go much higher. At this point, the 5000 level is still a significant fulcrum price point or if you will – fair value. It’s also an area where a lot of psychology comes into play, so I think a lot of people will be looking at it as such. That being said, I continue to buy dips in pullbacks. I have no interest in shorting the S&P 500. It looks strong, but it is a little overdone.

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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