S&P 500 Price Forecast – Stock Market Continues to Power Higher

US Stock Market Forecast Video for 24-01-2024

S&P 500 Technical Analysis

The S&P 500 did rally a bit during the trading session early on Tuesday, as it looks like we are trying to do everything we can to just break to the upside. That being said, the market is likely to continue to see more of a buy on the dip attitude and therefore, I think it’s probably only a matter of time before we break out to an even higher level and continue to go looking perhaps for the 4900 level, and then eventually 5000. That being said, I think this is a market that looks at the 4800 level underneath as a major support barrier as it was previous resistance.

If we break down below there, then the 4700 level comes into the picture for potential support as well, especially now that the 50-day EMA is hanging around that general vicinity. So, with that being said, I think we’ve got a situation where it’s a one-way trade, but hopefully you can find some type of buying opportunity based on value, not necessarily trying to chase everything. I would have no interest in shorting this market regardless as it really doesn’t make any sense to me to try to do so, we would have to break down below probably 4,500 before I’d even have that potential thought.

As things stand right now, I believe this is a situation where we are eventually going to have to continue to go looking to the 50 day EMA underneath to find the next huge significant amount of money thrown in here as far as fresh and new money but right now, I think it’s more or less a chase to the 5000 level. I think 5000 is somewhat inevitable in this environment. That being said, it doesn’t necessarily mean that we are going to get there overnight or anytime soon, but it certainly looks like we are trying to get there as quickly as possible.

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