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

By:
Christopher Lewis
Published: Jun 10, 2024, 12:55 GMT+00:00

The S&P 500 continues to see a lot of support underneath, as the market simply won’t fall for anything significant at the moment. The jobs numbers rattled Wall Street, only to see buyers return by the end of the day…. Monday looks like it is going to be more of the same.

In this article:

S&P 500 Technical Analysis

The S&P 500 was somewhat noisy in the early hours as traders tried to determine whether or not they want to start buying. This is just a continuation of the noisy behavior that we’ve seen on Friday. And therefore, I think any dip probably runs into buyers underneath, especially down to the 5,300 level. The 50 day EMA is sitting just above the 5,200 level and is rising. So, I think that’s your soft floor, if you will. That’s assuming that we even get below the 5,300 level. On the upside.

If we can break above the 5380 level, then I think it opens up a move to 5500, which is my longer-term target. It is worth noting for you Elliott wave theorists out there that we’ve had like one, like two, and now it looks like we’re trying to go into like three. Subjective analysis. I know, and I don’t really believe it, but it is something that was brought to my attention the other day.

Ultimately, this is a market that I think is going to be noisy, but positive overall. So, I look at each dip as a potential buying opportunity. And remember that the S&P 500 is not equally weighted. So that means just a handful of stocks can drive it higher and they often do. With this, I am a buyer. I don’t necessarily want to jump all in right here, but short term dips should offer opportunities to build up a position if you are not already long.

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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