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S&P 500 Price Forecast – S&P 500 Continues to Look for Momentum

By:
Christopher Lewis
Published: May 29, 2024, 13:13 GMT+00:00

The S&P 500 continues to focus on the 5300 level, as it is a bit of a magnet for price at this point. The market breaking above the 5350 level is the next challenge.

In this article:

S&P 500 Technical Analysis

You can see that the market has shown itself to be somewhat sideways in general, as it is trying to sort out where to go next. The 5300 level is an area that I think a lot of people will be paying close attention to. And with that being said, it’s more or less like a magnet for price, that is probably the best way to put it. If we do break above 5350, then it opens up the possibility of 5400, maybe even as high as 5500 over the longer term. Short term pullbacks continue to find support near 5250. And then, of course, down at the 50 day EMA.

At the moment, I believe that the massive floor in the market and the floor in the trend is down at the 5,000 level. Because of this, anything below there could change the entire attitude of the market and everything that I think about it. But right now, it just looks to me like a situation where we are killing time trying to work off some of the excess froth before rallying to go much higher.

We do not have earning season anymore, so that nasty surprise potential is gone. And then, of course, we will continue to look at traders trying to come up with the next reason as to why the Federal Reserve will be cutting rates. It’s very likely they will come up with a story before it’s all said and done, and we will go higher.

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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