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

S&P 500 Technical Analysis

The S&P 500 continues to show signs of strength and at this point in time, the market looks as if it is ready to continue to go higher. I think short-term pullbacks will be opportunities to pick up cheap contracts and I do think that given enough time, it’s very likely that we see the 5300 level underneath offer massive support for any type of pullback, especially with the 50-day EMA raising towards it. The 5500 level above, I believe, is your longer term target, but I don’t necessarily think that it’s going to be easy to get there. And I do think that we’ve got a situation where you will continue to see a lot of volatility, especially with the FOMC meeting late on Wednesday and the CPI number.

But ultimately, this is a market that has a lot of momentum in it. And of course, it is not an equal weighted index, so it all comes down to a handful of stocks as per usual. No interest in shorting, I just don’t think you can do it. I don’t think, at least not until we break down below the 200-day EMA, which is below the $5000 level. We are well above that right now. With that being said, I remain bullish, I look for value, I take advantage of it. Keep in mind that the market is mainly a momentum driven one, and therefore it is almost impossible to get short, or think that the trend is going to change anytime soon.

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