S&P 500 Price Forecast – S&P 500 Continues to Look For Higher Levels

S&P 500 Technical Analysis

The S&P 500 has rallied over the last several days rather aggressively, and now it looks like we are trying to take on the 5,300 level. That being said, traders will be paying attention to the CPI numbers and whether they are hot or cool, but really at the end of the day people will be looking for buying opportunities on pullbacks with the 50-day EMA underneath, which is currently near the $5,115 level, offer and support, right along with the crucial $5,000 level.

If we can break above the $5,300 level, then this is a market that should take off to the upside and go much higher. At that point, I would anticipate that market participants would be very bullish, and we could open up a move to the 50 500 level before it’s all said and done. The S&P 500 is only driven by a handful of stocks as per usual. So, all you have to do is make sure that the big stocks, the most. Valuable stocks in the index that is, are rallying. If they are rallying, then it drags the whole index with it.

I have no interest in shorting this market. Because quite frankly, it’s obvious that it is bullish and there is just simply not enough negativity out there to cause decent corrections. Quite frankly, you can make an argument that we are overstretched but at the end of the day, that’s what Wall Street does, it inflates bubbles comma pops them comma and then looks for the next one.

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