S&P 500 Price Forecast – S&P 500 Continues to See Buyers

Christopher Lewis
Published: Apr 15, 2024, 13:20 GMT+00:00

The S&P 500 recovered a bit early on Monday, showing signs of relief after the weekend and the fact that the war in the Middle East may not expand.

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S&P 500 Technical Analysis

You can see that the S&P 500 rallied slightly during the early hours on Monday as it looks like we are going to recover a bit of our footing after major concerns of a wider regional war in the Middle East. From a technical analysis standpoint, the market has bounced from the crucial 5100 level, showing signs of life and it looks very much like we are going to try to reach the highs again.

After all, you could make an argument that we are in the midst of forming a bullish flag and regardless, this is a market that is very much at enough trend anyway. We are in the beginning of earnings season so that can have an effect as well at this point in time there’s nothing on the charts or momentum indicators that suggests that we should even be thinking about shorting the market. If we were to break down below the 5100 level, then it opens up a move down to the 5000 level, but quite frankly there’s a lot of psychological support in that area if nothing else.

At this point I do think that we’re going to try to get back towards the 5300 level but understand that some of the momentum may have shifted into more of a consolidation phase and that would make a certain amount of sense considering that it is earning season anyway and of course we have to work off some of the excess froth. Either way, the one thing that I won’t be doing is shorting the S&P 500, as the momentum has been rather strong.

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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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