S&P 500 Weekly Price Forecast – S&P 500 Breaks Out

S&P 500 Weekly Forecast Video for 17.07.23

S&P 500 Weekly Technical Analysis

The S&P 500 has rallied rather significantly during the course of the week, smashing through the 4500 level as it looks like the slowing inflation numbers in America have kicked stock markets back into the upward momentum. All things being equal, if we do get a short-term pullback, that is a buying opportunity and I do think that the market will eventually go looking to the 4600 level. When you look at the daily chart, you can see that there is about 120 point target going forward.

Underneath, the 4400 level offers a certain amount of support, right along with the 4300 level. As long as we can stay above the 4300 level, it’s likely that the S&P 500 will continue to go higher. In general, this is a market that is moving on the idea that inflation is cooling in the United States, and therefore it’s possible that the Federal Reserve may have to step back on some of its aggressive monetary policy. If that’s going to be the case, it’s likely that the market will continue to see a lot of momentum as it seems like money is chasing momentum at this point.

The candlestick of course is very impressive for the week, and I do think that we continue to go higher. However, if we did get a pullback is likely that we see enough value enter the arena that people will take advantage of it. I have no interest in shorting this market until we break down below the 4300 level, because then you have the possibility of dropping down to the 4000 level. While that is possible, it seems very unlikely.

For a look at all of today’s economic events, check out our economic calendar.