S&P 500 Price Forecast – Stock Market Continues to Look Higher During Triple Witching

US Stock Market Forecast Video for 19.06.23

S&P 500 Technical Analysis

The S&P 500 rallied a bit during the trading session on Friday, at least early in the day. That being said, it looks like we are threatening the 4500 level, which of course is a large, round, psychologically significant figure. However, it does look like this is a market that continues to see a lot of upward pressure in general, and therefore I think it’s more or less a “buy on the dips” scenario. Ultimately, one thing that you need to keep in mind is that the underlying index will be closed for Juneteenth on Monday, and therefore trading this and the limited electronic hours will probably be somewhat difficult.

If you are a CFD trader, you may have the ability to do so, but again, there is no underlying index to form impressions on the contract for difference markets. I think at this point in time we are very likely to have a pullback, perhaps all the way down to the 4300 level. The 50-Day EMA is starting to reach that area, and it should offer a significant amount of support. On the other hand, we could just simply take off above the 4500 level, which of course could open the market to the upside for a bigger move.

A lot of this comes down to the fact that the Federal Reserve chose to pause its rate hikes this last week, but at this point it becomes a question as to whether or not they will raise them later. I think at this point the jury is still out, although it’s worth noting that it is being priced in the Fed Funds Futures markets that we are going to see more. Whether or not that ends up being the case, it’s really a tossup at this point, but as long as inflation runs hot, there is probably going to be a lot of danger out there. Regardless, the market needs the pullback in order to attract more buying, so I think this remains a “buy on the dip” scenario, but again, remember that the Juneteenth holiday will make Monday somewhat pointless for traders.

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