S&P 500 Price Forecast – S&P 500 Continues to Power Higher

Christopher Lewis
Published: Mar 13, 2024, 13:06 GMT+00:00

The S&P 500 has shown itself to be bullish yet again during the early hours on Wednesday as we are approaching the all-time high in the overnight hours.

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S&P 500 Technical Analysis

The S&P 500 rallied early during the session on Wednesday as we continue to just power higher. And it looks like we are ready to threaten the all-time highs yet again. That being said, I think this is a market that continues to see a lot of momentum in it as people continue to bet on the Magnificent Seven, the same seven stocks that continue to drive the market in general. So, with that being said, I don’t really think there’s a whole lot to do here other than stay long on the market.

The S&P 500 is of course going to be a market that pays close attention to not only the same stocks that it has been for a while, but it’s also going to be a market that pays close attention to Federal Reserve monetary policy, which looks to be loosening later this year, and I think that’s a lot of what people are betting on. Ultimately, this is a situation where I think given enough time, we will break much higher, we’ll finally clear the 5200 level and just continue to power higher in this 45 degree channel.

Short-term pullbacks should be thought of as potential buying opportunities as the S&P 500 has given us no reason to think that anything has changed. And once we get through PPI on Thursday, then the market really doesn’t have anything to worry about for the rest of the week, and I suspect we will continue to see a lot of this kind of rush into the weekend that we’ve seen as of late.

Underneath, I see the 5,000 level as the absolute bottom in the market, but quite frankly, I’d be a bit surprised if we got there at this point. It continues to be a buy on a dip scenario. Ultimately, this continues to be the way this market behaves as it is the same song and dance that we have been doing for the last several months, and right now I just don’t see anything changing.

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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