S&P 500 Price Forecast – S&P 500 Continues to Look Toward the Sky
US Stock Market Forecast Video for 06.06.23
S&P 500 Technical Analysis
The S&P 500 had a relatively quiet Monday, but it is hanging on the gain from an explosive move on Friday. That’s a good sign, and it does suggest that people are not necessarily looking to get out of the market anytime soon. If that’s going to be the case, then it also suggests that this will remain a “buy on the dips” type of market going forward. With this, I do anticipate that we could eventually break above the crucial 4300 level, in the futures market, which should open up a massive amount of buying pressure.
If we were to pull back at this point, I just don’t see the argument for shorting the market anytime soon. I believe that the 4200 level should offer a significant amount of support, especially now that the 50-Day EMA is starting to raise toward that area. Because of this, I am a bit hesitant to get overly bearish anytime soon, despite the fact that the economy is currently arguing with what Wall Street thinks. It doesn’t really matter, because this has been the way for most of the year, and I just don’t see how that changes anytime soon considering that it’s the same handful of stocks that continue to push the market higher. Remember, the S&P 500 is not equal weighted, so it does not jive with the overall global economy.
At this point, what you can do is buy dips because they offer you a bit of value, but shorting is going to be reckless to say the least. If we can break a little higher from here, it’s very possible we could go all the way to 4200 before it’s all said and done. Keep in mind that the latest narrative is artificial intelligence, but as soon Wall Street runs out of that story to sell buyers, they will come up with something else. It’s what they do, as it’s their job to sell you stock.
For a look at all of today’s economic events, check out our economic calendar.