S&P 500 Weekly Price Forecast – S&P 500 Continues to Power Higher

US Stock Market Forecast Video for 29-01-2024

S&P 500 Weekly Technical Analysis

The S&P 500 rallied significantly during the course of the trading week as we are reaching the 4900 level. The 4900 level of course is an area that I think a lot of people will pay close attention to. The 4900 level being broken opens up the possibility of a move to the 5000 level, which I do think is our ultimate target.

Any pullback at this point in time should see plenty of buyers willing to jump in and take advantage of cheap contracts near $4,800, maybe even $4,700. In general, I think this is a market that is going to continue to move based on low interest rates. Basically, this is Wall Street just celebrating the fact that the Federal Reserve may come and save them. Remember that the S&P 500 is only driven by about seven stocks and that’s part of what you are seeing on this chart, therefore I think you get a situation where you need to watch all the usual suspects such as Tesla, Microsoft, Amazon, etc.

The other thing that you need to pay close attention to is the fact that interest rates dropping will help the S&P 500 and therefore you should keep one eye on the 10 year yield, and of course the handful of stocks out there that everybody owns due to the advent of passive investing over the last decade or so. Each dip that we get along the way will end up being a buying opportunity for short-term traders, as longer-term traders to simply buy and hold this market.

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