S&P 500 Weekly Price Forecast – S&P 500 Continues to Look Strong, Despite Negative Week

S&P 500 Weekly Technical Analysis

The S&P 500 has shown itself to be somewhat negative this week, but at this point in time, I think a lot of what you’re seeing here will be considered to be some working off of froth. All things being equal, I do like the idea of buying this market. That being said, the 5000 level underneath is a large round figure that a lot of people would pay close attention to.

Assuming that we even follow that far, it appears that the jobs number hasn’t spooked the market too much because we’ve started to recover on Friday, and therefore I think it’s probably only a matter of time before we go higher. If we can take out the top of the candlestick for the week, then we could continue to go much higher.

The 5000 level underneath being broken would be a major shot across the bow, but really at that point I would just step back, let the market drop 10% and think about buying again. With that being said, this is a market that looks very bullish. And even with the negative weekly candlestick, there is a massive uptrend that we are in.

And looking at this chart, it’s only one of a handful of negative candles since Halloween of last year. So this remains a very bullish market. I think at best, we will probably get a little bit of consolidation for the sellers. That being said, I still like buying dips in this market, and it appears that most traders out there do as well.

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