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

S&P 500 Weekly Technical Analysis

You can see that we did pull back a bit during the course of the trading week, only to turn around and show signs of life again. By doing so, the market looks as if it is continuing its buy on the dip run. And of course, there is plenty of value hunting out there every time we do pull back.

This is a market that I think will continue to be very noisy in general, but given enough time, it looks like it will continue to go higher. The 5,000 level underneath for me is the first major floor in the market, so as long as we stay above there, you have to be looking at this through the prism of taking advantage of a little bit of value every time it drops.

The target is somewhat unknown because we are in unknown territory, but at this point, until the idea of the Federal Reserve cutting rates doesn’t work, we still have to look at this market through the prism of it getting cheap money later this year and the fact that assets will continue to rise. It’s difficult, if not impossible, to fight this, it’s definitely a fool’s errand. So, look at this as a market that you want to be long of. It’s almost impossible to short the stock markets right now around the world, and the S&P 500 will be any different. As long as traders continue to look at the market through the prism of loose monetary policy coming later this year, it’s a “long only” market.

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