S&P 500 Price Forecast – Stock Markets Continue to Soar

US Stock Market Forecast Video for 23-01-2024

S&P 500 Technical Analysis

The S&P 500 rallied during the trading session on Monday again as we continue to see a lot of upward momentum. All things being equal, I think this is a situation where traders continue to see short-term pull backs as buying opportunities, with the 4,800 level underneath as a major support level now that we’ve broken through it. At this point, it’s all about the Federal Reserve possibly cutting interest rates, and of course we are in this Goldilocks dream of everything being perfect. Whether or not that’s actually true remains to be seen, but certainly right now Wall Street does not look like it’s considering shorting anything. And if that’s going to be the case, then you have to look at this through prism of a market that you can’t sell either.

Short-term pullbacks continue to offer value and I think we get to 4900 somewhat quickly, maybe 5000 probably is your target as well. With that being said, you’ve got a situation where traders will continue to look at each pullback as a potential buying opportunity, and therefore you have to trade the same way. Position sizing is always a concern, but right now it looks like there’s so much momentum that there’s going to be a lot of FOMO chasing, so keep that in mind. Underneath I see the 4700 level as the floor in the market that also features the 50 day EMA, so that of course is something worth paying attention to. Also, ultimately, I think we’ve got to look at this through the prism of trying to find reasons to get long.

Perhaps looking towards short-term charts, so maybe a 30-minute chart or a 15-minute chart, you will have the ability to find plenty of buying pressure underneath. $5,000 will almost certainly be a major barrier to contend with, but right now I think you’ve got a situation where it’s just steady as she goes. At this point, it looks very bullish, and I think you are going to continue to see more money pumped into the stock market as fear has all but disappeared for the short term.

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