S&P 500 Weekly Price Forecast – S&P 500 Continues to Hang About The 5300 Area

Christopher Lewis
Updated: May 26, 2024, 10:01 GMT+00:00

The S&P 500 has been noisy during the week, as we continue to see a lot of choppy behavior. However, we have to keep in mind that the Monday session in Memorial Day in America, so markets will be closed for that day.

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S&P 500 Weekly Technical Analysis

Taking a look at the weekly chart of the S&P 500 you can see that we are bouncing around the 5300 level despite the fact that Thursday was rather brutal. I would also point out that Monday is Memorial Day in the United States, so you have to be cognizant of this because the market will be closed. So with that I will be very interested to see how this candle ends up forming at the very end of the Friday session, but it certainly looks bullish regardless.

The 15300 level of course was a previous resistance barrier, so the fact that we broke above there and are spending a little bit of time here makes a certain amount of sense as we are trying to regain our footing even if we did start to truly sell off here, it’s the 5,000 level that I think would be a significant floor in the market.

Ultimately, I think you continue to look at the S&P 500 as a buy on the dip market, which is the same thing you’re going to see with most indices at the moment. Earning season just finished, so we don’t really have a huge catalyst to get moving at the moment. But earnings season was much better than I think people had feared. And therefore, all we can do is just follow the overall trend. This is a market that tends to be very momentum driven and I think that will continue to be the case going forward as I believe we are trying to get to the 5,500 level.

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About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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