S&P 500 Weekly Price Forecast – S&P 500 Continues to Pound on the Ceiling

S&P 500 Weekly Forecast Video for 10.07.23

S&P 500 Weekly Technical Analysis

The S&P 500 has initially pulled back just a bit during the course of the week, only to turn around and show signs of life again. Keep in mind that the Non-Farm Payroll announcement came out on Friday a little lighter than anticipated, and it’s possible that the market is trying to figure out whether or not the overall trend can continue, and I do think that this is more or less a “buy on the dip” type of situation. The 50-Week EMA hangs around the 4200 level and is rising so I think it’s probably only a matter of time before we are ready to go higher with that indicator, and of course offer a bit of support.

All things being equal, I think that if we get some type of major meltdown, that would be great, because it gives us an opportunity of value hunting, which I think is what a lot of people are going to be looking for. Alternatively, the market is likely to continue to see plenty of interest. That being said, we are little overextended so we could send quite a bit of back-and-forth momentum into this market in order to work off a bit of the excess froth. In general, I think we continue to see the same handful of stocks push everything around, and therefore I like the idea of paying close attention to the larger companies, because the S&P 500 is basically an index of about 8 stocks anymore. As long as that’s the case, pay attention to all the usual suspects, and follow right along.

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