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

S&P 500 Technical Analysis

The S&P 500 is basically just sitting around during the early hours on Monday as we are hanging out just above the 5100 level. A short term pullback at this point in time could very well go looking to the 50 day EMA, but also, it could open up the possibility of value hunting and turnaround to show more proclivity to the upside.

Underneath we have the 5000 level, which I think is a bit of a floor in the market. Keep in mind that we are in the midst of earnings season, so that obviously will have a certain amount of influence on this market as well. But at the end of the day, we are still very much in an uptrend. Ultimately, I don’t have any interest in shorting the US stock indices right now, and that includes the S&P 500.

If we were to break down below the 4900 level, then we could open up the possibility of a move down to the 200 day EMA. But that being said, I don’t think that will happen anytime soon. I would expect a certain amount of volatility, but we are still very much in an uptrend, and I think we could find ourselves looking toward the 5300 level before it is all said and done, as we previously had pulled back from there.

If we can break 5300, then obviously that’s a very bullish sign. But in the short term, I think it remains a short term buy on the dip, etc. type of trading in this market.

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