S&P 500 Weekly Price Forecast – S&P 500 lackluster during the weekThe S&P 500 has been a bit flat during the week, as we continue to dance around the 2800 level. This is an area that will have a lot of psychological importance attached to it, but I think at this point the overall attitude is one of persistence, so that may win out in the end.
The S&P 500 has done very little during the week, but then again we have rallied roughly 100 points over the last handful of sessions. Because of this, I think the market is getting a bit exhausted, and now we are trying to churn to build up enough momentum to continue going higher. If we can break above the 2820 level, then the market will go looking towards the 2880 level, where we had seen a lot of selling come into play. Beyond that, 20 903,000 would be targeted. I think that if we do pull back from here, we are more than likely going to find plenty of support at either 2740 or 2700. We also have the uptrend line underneath it holds true as well, so I look at a pullback as a potential buying opportunity based upon value more than anything else.
In fact, I’m not a seller until we break down below the uptrend line, something that we are nowhere near doing right now, so this is a matter of trying to find value or momentum to the upside that I can take advantage of. Until then, it’s probably best to trade this from short-term perspective and in a range bound manner, as I had suggested on my daily analysis of the S&P 500. We are in the middle of earnings season, so keep that in mind as will most certainly have an influence.