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

By:
Christopher Lewis
Published: May 20, 2024, 12:48 GMT+00:00

The S&P 500 continues to see a lot of pressure to the upside, as we have gapped to kick off the week. This is an obvious sign of strength, and therefore it looks like we are going to continue higher eventually.

In this article:

S&P 500 Technical Analysis

You can see that the S&P 500 did gap higher to kick off the trading session on Monday, and it looks like we are going to do everything we can to continue driving this market higher. Short-term pullbacks should be buying opportunities and with a lack of major economic announcement it’s likely that the market will continue to favor the upside in general.

The 5,300 level of course is a large round psychologically significant figure. And it’s probably worth noting that Friday was options expiration. So, the market desperately needed to push it above the 5,300 level. Any short-term pullback of this is more likely than not going to be an opportunity to find a bit of value. The market is going to continue to go much higher the way that we are projecting at the moment, but it doesn’t mean that we have to take off right away. I think you are looking for value on each short-term pullback and I believe that the 5250 level underneath and the 5200 level both could offer significant support.

All things being equal, this is a market that should eventually go looking to the 5,300 level again, time and time again to find support. However, we will eventually break out to the upside and go looking to the 5,500 level if the technical analysis pans out to be correct. It is clearly an uptrend, so there’s no interest on my part in shorting this market.

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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