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

Christopher Lewis
Published: May 23, 2024, 12:57 GMT+00:00

The S&P 500 continues to see a lot of upward pressure on Thursday, as the market continues to look strong. With the Nvidia earnings call coming out so strong, it makes sense that we are going higher.

In this article:

S&P 500 Technical Analysis

You can see that Thursday has been very positive for the S&P 500 in the early hours as we continue to grind even higher. The 5300 level has been conquered and it now looks as if we are ready to expand our gains and perhaps go looking towards the 5,400 level, possibly even the 5,500 level. Keep in mind that the Nvidia earnings call was much stronger than anticipated and that, of course, has a major influence on where we go next. It’s a huge part of the index and of course, it gets everybody back on the AI narrative that they all have been riding.

Short term pullbacks should end up being opportunities for those who are willing to take advantage of value as it occurs, and I do think that there are plenty of people out there willing to do this. Equities in general have been rallying around the world, and I suspect that the S&P 500 will lead the charge. I have no interest in shorting this market, and I do believe that we hit $5,500 probably sooner than most people think.

So, with that you have to remain bullish. I just don’t see anything on this chart that suggests that we are going to pull back. And in fact, we may have just consolidated the latest big move and now are ready to make the next one. At the end of the day, it is almost impossible to see a lot of selling without some kind of major disruptive announcement or event coming into the picture.

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.

Did you find this article useful?