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

Christopher Lewis
Updated: May 30, 2024, 14:39 GMT+00:00

The S&P 500 continues to see a lot of support on dips, as the market continues to focus on the 5300 level. This is a market that will be watching Core PCE numbers on Friday closely.

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S&P 500 Technical Analysis

The Thursday session was slightly negative in the early hours, but it appears that we still have quite a bit of support and therefore we are already trying to turn things around. If that’s the case, then I do think that we could probably go looking to the 5300 level as the market has a lot of noise near that area due to the fact that the options market of course pays attention to it and of course we also have the large round psychological part of the equation as well that could come into the picture. If we break above 5350 then I think we go higher than that, perhaps reaching towards the 5500 level.

The 50 day EMA is near 5,180. And therefore, I think we have a situation where even if we do fall from here, the market then opens up the possibility of finding value. With this, I think the market is one that you are looking to buy on dips. But I do recognize that Friday could be a little bit of a violent day due to the fact that we get the core PCE numbers coming out, which of course is the Federal Reserve’s favorite metric of interest and inflation. So, with that, we will possibly see a little bit of noise, but we are in an uptrend. So therefore, I think it makes a lot of sense. We just continue to go higher over the long-term.

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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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