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

Christopher Lewis
Published: Jun 14, 2024, 13:37 GMT+00:00

The S&P 500 fell slightly in the early hours of Friday, as the markets are going to see a lot of reaction to the G7 countries threatening the Chinese banks that are dealing with Russia at the moment.

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S&P 500 Technical Analysis

The S&P 500 pulled back just a bit in the early hours on Friday, only to turn around and show signs of life. One of the biggest, reasons for this really would have been the idea that G7 countries have released the same and threatening Chinese banks that deal with Russia. That’s an interesting way to go about trying to enforce a sanction that really hasn’t been enforced to begin with. The Chinese will do what the Chinese want to do, and I think most people are aware of that. With this being the case, we’re already starting to see a little bit of a recovery and the growth of course is in Asia, it’s not in Europe. So, nobody really cares.

The United States of course would be a big market to lose for a lot of Chinese banks, but truthfully, they don’t really use the US system very often. So, this is more of a paper tiger statement. At this point, I don’t see anything to keep the S&P 500 from going higher and short-term dips like this end up being buying opportunities for those who are willing to take them. That doesn’t mean that we go straight up in the air, but I still believe that we are going to go looking towards the 5,500 level. Underneath, we have the 5,300 level offering significant support, and of course, an area where there would be a lot of options barriers placed.

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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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