S&P 500 Price Forecast – S&P 500 Continues to See Upward Momentum

S&P 500 Technical Analysis

The S&P 500 rose slightly during the early hours on Tuesday as we continued to simply grind towards the 5600 level. This is a market that I think anytime we do pull back just a bit, you are more likely than not to find plenty of value hunters willing to jump in and pick up a bit of value. The market, I believe, will be looking at the 5,500 level as potential support, and I also believe this is a market that will continue to follow the AI bubble, and it is a bubble.

So at this point, I think you’ve got a situation where you just have to follow the momentum because it is all about the momentum. If we can break above the 5600 level, then I think you have the rarer possibility of trying to get to the 6000 level sometime this year.

This is a market that is going to continue to be noisy, but really with this type of momentum, it’s almost impossible to fight. Even if we were to break down from here, the 5,400 level becomes support right along with the 50 day EMA. And quite frankly, that offers more value and more interest, I believe, than just the momentum itself because it also brings in a bit of a value proposition, which of course is something that people would be chasing. So, with this, I remain bullish. This is a situation where we are “one way” more than anything else.

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