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

Christopher Lewis
Published: Jun 12, 2024, 12:28 GMT+00:00

The FOMC meeting, decision, and press conference will have a major influence on this market, as well as the CPI numbers on Wednesday. With this, expect noise, but at the end of the day, the market continues to look bullish overall.

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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.

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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