S&P 500 Price Forecast – S&P 500 Kills Time

S&P 500 Technical Analysis

You can see that the S&P 500 sits just below the 5200 level at the beginning of the Thursday session, and at this point, it’s an exercise to build up enough momentum to break above there, perhaps finally. If we do, it opens up a move to the 5300 level.

However, it’s also possible that we pull back a bit from here and look for support underneath. You certainly can make an argument that near the 5,100 level, there should be plenty of support from previous market action. And then of course, the fact that we have the 50 day EMA sitting right there as well. After that, you have the psychologically important 5,000 level that of course a lot of people will pay attention to.

It is the middle of earning season on Wall Street, so that can cause some volatility. But at this point in time, I think we’ve all learned that the economic performance of companies, the overall economy itself and everything else does not matter. What matters is whether or not the Federal Reserve will loosen monetary policy. There’s always a narrative being spun on Wall Street. Lately, it’s been that the consumer is still doing fairly well.

That could be true in Manhattan, but at this point in time, this is a market that just wants to go higher. It’s what it’s designed to do. After all, the index itself isn’t even equal weighted, so it only takes a handful of stocks to rally in order to push it higher. With that being said, that’s the game we are playing. There’s no point in fighting it. Buying on the dips continues to work.

For a look at all of today’s economic events, check out our economic calendar.