S&P 500 Weekly Price Forecast – S&P 500 Continues to Find Buyers on Dips

US Stock Market Forecast Video for 19-02-2024

S&P 500 Weekly Technical Analysis

You can see that the S&P 500 has initially fell during the trading week, but then turned around to show signs of life again, just as we have what seems like every week for eternity. Now, that’s obviously not the case, but certainly this is a major uptrend that is getting long in the tooth. However, it looks like we’re going to try to hang on to this 5,000 level as significant support. So really at this point, from a weekly standpoint, you’re looking at 5,000 and then possibly 4,800 being your next two support levels. We have had some pretty inflationary numbers during the week, but it seems like Wall Street’s willing to look past that. So, I think at this point in time, it is still buy the dip.

I just don’t see this trend changing anytime soon. Quite frankly, the Federal Reserve has done a poor job of trying to convince Wall Street it’s going to hang on to higher rates for longer. And once you teach Wall Street that they get cheap and free and easy money time and time again, this is the result you get. Remember, there are only a handful of stocks that move this index, and as long as they are doing okay, the index will continue to go higher. Remember, it’s only about 6 or 7 stocks that do most of the lifting for this market. Pay close attention to interest rates, because if they start to drop, that will only add more fuel to the fire at this point.

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