S&P 500 Price Forecast – The Stock Market Continues to Build a Bullish Flag

US Stock Market Forecast Video for 29.06.23

S&P 500 Technical Analysis

The S&P 500 has pulled back slightly during the trading session on Wednesday as we continue to see a lot of noisy behavior. All things being equal, this market has formed a bullish flag, and we still remain in that pattern. It’s worth noting that the 4400 level continues to offer a bit of interest as well, and now that we are heading toward the end of the month, it’s very likely that the traders will come in and try to mark up their positions to report to clients. This happens at the end of every month when people try to come in and own all of the “correct stocks.”

Even if we were to fall from here, the 50-Day EMA indicator will keep the market somewhat supported, as it is widely followed. Ultimately, I think we got a scenario where the traders are going to continue to look at dips as value, especially over the next couple of days, but it’s worth noting that the 4500 level above is a major resistance barrier, and therefore if we can break above there, then the market could go much higher, perhaps reaching toward the 4700 level.

Alternatively, if we were to break down below the 4200 level, that could open up a challenge of the 200-Day EMA, which of course is an indicator that a lot of people will be paying close attention to. If we were to break down below there, then it opens up the floodgates to the downside. All things being equal, Wall Street is trying to find one reason or another to get bullish, but be careful that they are not offering bags for you to hold in a market that has reached rather high quickly. Therefore I think it makes quite a bit of sense that would get a bit of a pullback, but that pullback will more likely than not offer value the traders are willing to take advantage of. With this, I don’t have an interest in shorting the market, because it’s obvious that we are in a huge FOMO trade.

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