S&P 500 Price Forecast – Stock Markets Continue to Look for Higher Levels

US Stock Market Forecast Video for 18.09.23

S&P 500 Technical Analysis

The S&P 500 continues to look like it’s going to be very bullish, but at this point in time I think the S&P 500 will continue to attract buyers on dips, and I don’t necessarily think that we go straight up in the air. Yes, we have broken above a short term barrier, but over the course of the next several weeks, it would not surprise me at all to see this market break toward the recent all-time highs.

Underneath, we have the 50-Day EMA near the 4500 level that is rising, and I do think that the market will continue to see a lot of support based on that, and then of course the market will continue to see a lot of technical trading in general. At this point, we have to ask questions as to whether the market can continue to go higher, but one thing is for sure, the Wall Street community has an excellent ability to come up with a narrative to continue buying stocks.

If we were to turn around and break down below the 50-Day EMA, then I think you’ve got a shot at breaking back down to the 4400 level. The 4400 level is an area that I think a lot of people will be paying attention to, but underneath there we also have the 200-Day EMA a couple of hundred points underneath. In general, I think this is a situation where the markets will continue to find plenty of buyers, despite the fact that the interest rates in the bond market continued to run in the opposite direction.

One thing is for sure, Wall Street still runs on narratives and monetary flow, so as long as people are willing to put money into the market, then this market will eventually go higher. Keep in mind that Apple by itself is almost 7% of the S&P 500, so this really comes down to a handful of stocks more than anything else. Buying on the dip probably continues to be the most likely of strategies to work, and the most likely of behaviors to see.

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