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S&P 500 Price Forecast – S&P 500 Quiet in Electronic Holiday Trading

By:
Christopher Lewis
Updated: Jun 20, 2024, 00:52 GMT+00:00

The S&P 500 continues to look bullish, but remember that the Wednesday session was Juneteenth, which is a holiday in the USA. This made the trading session lackluster and only based on overseas trading in the electronic markets.

In this article:

S&P 500 Technical Analysis

The S&P 500 in overnight electronic trading has risen just a bit, but keep in mind that during the day on Wednesday, it’s actually a holiday in the United States, so the underlying index won’t be moving. It is Juneteenth, it’s a relatively new holiday, and therefore a lot of traders overseas forget this. Ultimately, this is a market that will continue to think about going to the upside, but your CFD positions may or may not follow through over the next 24 hours.

Short-term pullbacks should continue to be buying opportunities in a market that is very obviously bullish. And now that we are hanging around the 5,500 level, most analysts will have to step back and re-figure their end-of-year targets because most of us actually saw 5,500 as being a reasonable one, but we have shot straight up in the air to get here yet again.

It’s probably worth knowing that we had recently broken out of a bullish flag at the 5300 level, which has a measured move to 5600, so it’s possible that’s the initial target. There’s certainly nothing on this chart that would keep me from thinking we could get there. I believe that the 5300 level continues to be massive support, especially with the 50-day EMA sitting just below there.

All things being equal, this is a market that I think continues to see a lot of buyers anytime we get an opportunity to pick up a bit of value in a market that quite frankly is so obviously bullish as just a handful of stocks continue to drive the index much higher.

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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