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

Christopher Lewis
Updated: Jun 16, 2024, 23:56 GMT+00:00

The S&P 500 continues to see a lot of buying pressures, as the market continues to see a lot of noisy behavior, but at this point in time, the market is most decidedly “one way”, and we will have to see a lot of massive changes to the overall market attitude to get this thing turning around.

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S&P 500 Weekly Technical Analysis

The S&P 500 spent most of the week rallying, although on Thursday, we did pause a bit now that we are through the FOMC meeting. At this point, it looks like the market is likely to continue to go higher, perhaps reaching the 5,500 level above, which of course is a large round figure and an area that I think a lot of people are paying close attention to. On the downside, the 5,300 level is an area that I think a lot of people will be paying close attention to.

As it was previous resistance and has shown itself to be so supportive more than once. I think at this juncture, we’ve got a market that might be a little stretched and might have to do a little bit of grinding back and forth in order to bring in value. And once you get that valuable possibility, then you have the opportunity to get involved and start buying again.

Either way, there’s no real way to short the S&P 500 because quite frankly, it’s far too strong. This is a market that’s got quite a distance to go from what I see on technical analysis. And therefore, I think you have to look at it through the prism of when it dips, is it going to offer value? I would postulate yes, at least until we break down below the 5,000 level at the very least. I think this is a market where you buy any time both weakness that comes into the picture.

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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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