S&P 500 Weekly Price Forecast – S&P 500 Continues to See Upward Slant

Christopher Lewis
Updated: Jun 21, 2024, 16:22 GMT+00:00

The S&P 500 has rallied again during the week, but at this point we are starting to look slightly tired. This could set up a buying opportunity on the dips, but there is no real chance of shorting this very strong market, as it only takes something like 3 stocks to push it around.

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S&P 500 Weekly Technical Analysis

The S&P 500 has spent most of the week trying to rally, but it’s worth noting that Juneteenth was on Wednesday, so the underlying index was closed. And of course, we have a massive options expiration going on during the Friday session. So, I think at this point you can only read so much into the candlestick. It does look a little tired, but any pullback at this point in time, more likely than not, will offer value that people are willing to step in and take advantage of.

The 5300 level underneath is an area that I think a lot of buyers will step in and try to defend the trend based on market memory if nothing else. We did break above the $5500 level, which of course is a large round psychologically significant figure, but we seem to have since cooled off just a bit. Even if we break above that level again, I do think that you are probably going to see a lot of choppy but positive behavior.

Remember, the S&P 500 is just simply an ETF for about three stocks now. So as long as all the usual AI driven stocks are rallying, then the S&P 500 will follow right along. After all, this is a market that runs on momentum more than anything else, so as long as it is available, momentum that is, this is a market that will go higher over time.

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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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