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

Christopher Lewis
Published: Apr 17, 2024, 13:17 GMT+00:00

The S&P 500 continues to be noisy, as we are now in the midst of earnings season.

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S&P 500 Technical Analysis

We initially pulled back just a bit during the trading session on Wednesday, but as we head towards America, it looks like we are going to try to recover. The 50 day EMA currently sits at the 5100 level and a break above there would be a very positive turn of events. In that situation, I would anticipate that eventually we could go looking towards the highs again. Remember, we’re in the midst of earnings season, so that does have a major influence on what happens next. After all, the occasional big company may cause a bit of volatility in both directions. This has been a somewhat significant pullback, but nothing major, nothing out of the normal.

And at this point in time, I look at the $5,000 level underneath as an area that a lot of people will be paying close attention to. As long as we can stay above 5000, I think everything is pretty much okay. Although earnings season does cause its own type of volatility, geopolitical concerns in the Middle East, of course, are an issue as well.

And then of course, you have to pay attention to whether or not interest rates continue to skyrocket in America. Nonetheless, we’re in an uptrend. And that hasn’t changed despite the recent pullback. And I think value hunters are starting to step back into the S&P 500 at these lower levels, as we are likely to see a bit of a bounce, as the market has been in a long-term trend for some time now.

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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