S&P 500 Weekly Price Forecast – S&P 500 Continues to Look Bullish

US Stock Market Forecast Video for 12-02-2024

S&P 500 Weekly Technical Analysis

The S&P 500 initially pulled back during the week only to turn around and show signs of life again. By doing so, I think the market is probably going to continue to see pressure right around the 5,000 level. This is a large round figure that a lot of people will be watching, obviously, due to the fact that the market has a lot of psychology attached to that. And there’s probably a lot of options being played there. Short-term pullbacks to the 4850 level would offer a nice buying opportunity, but quite frankly, that’s assuming we can even get down there. If we continue to break higher, then 5,100 would be your next target.

We are overbought, clearly. There’s almost no two ways about it, but we’ve been overbought for months, so why is that going to be any different now? With this, I like the idea of buying dips, waiting for pullbacks. I don’t know that I would chase it all the way up here, but quite frankly, I could have said that seven, maybe eight weeks ago. I mean, it’s a bullish market, and it’s an out of control bullish market, so clearly this will end poorly, they almost always do, but we just don’t know when it’s going to end. When it does, it’s going to be a massive selloff but right now there are no real signs of it happening anytime soon.

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