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

Christopher Lewis
Updated: Jul 10, 2024, 14:40 GMT+00:00

The S&P 500 continues to see a lot of noise, but in the overall scheme of things, the reality is that the market remains bullish, and therefore, it is a market that you will be looking at for dips as an opportunity.

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S&P 500 Technical Analysis

The S&P 500 was slightly bullish during the early hours on Wednesday as we continue to see a lot of upward momentum in general. This does make a certain amount of sense, because people are already starting to bet on the idea that the Federal Reserve will be cutting at least once or twice by the end of the year, and Citibank even came out and suggested they might have aid interest rate cuts back to back starting in September. I don’t know if that’s the case, and quite frankly, I don’t think that would be a good thing that would show panic.

However, you should also keep in mind that the S&P 500 really would be something along the lines of simply waiting for a handful of stocks to rally. Really should be called something like the S&P 500 slash five. And the reason for that is that it’s really five stocks that dragged the other 495 higher or lower. Short term pullbacks at this point in time should be buying opportunities.

And I do think that the 5500 level will remain important. It’s also worth noting that the 50 day EMA is sitting right around the 5400 level and rising, so I think that’s also a thing to keep in mind. This is a market that remains very much buy on the dips it has for some time, and I just don’t see it changing at the moment. This is a market that you have to understand is simply going higher over the longer term.

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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