S&P 500 Weekly Price Forecast – S&P 500 Continues to Be Strong

S&P 500 Weekly Technical Analysis

The S&P 500 initially fell during the week but has turned around to recover. Now it is probably worth noting that Friday was a bit negative after the jobs number, but when you look at the weekly chart, it is clear that this is an uptrend and there’s no real chance of it changing anytime soon. In fact, by the time the Friday session is done, it’s very likely that we will have recovered most of the losses after the jobs number. That’s just how the stock market behaves now.

With that being said, I do think that you continue to buy dips and I believe that the is a major options barrier, but underneath there we have massive and probably bottom of the trend type of support at the 5000 level. We are nowhere near the moving averages, so that just shows how bullish we are. And of course, as long as the world continues to buy Nvidia, it’s very likely that we will have a situation where no matter what happens, we eventually go higher.

It really only takes Nvidia, Microsoft, Apple to rally those three alone and could drag the index with it. So with this, I like the idea of buying dips. And I do think that eventually we go looking to the 5,500 level. The 5,500 level of course is a large round number that will attract a lot of attention, but I think that’s the target for the bulls at this point in time.

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