S&P 500 Weekly Price Forecast – S&P 500 Touches 4500

S&P 500 Weekly Forecast Video for 19.06.23

S&P 500 Weekly Technical Analysis

The S&P 500 has had a very bullish weekly candlestick form, as we have touched the 4500 level. The 4500 level has been an area of extreme importance in the past, and if we can break above there, the market is likely to continue going higher, perhaps as high as 4750 over the longer term. In the short term, I think we need to pull back because quite frankly the market has gotten ahead of itself. The 50-Week EMA is sitting near the 4100 level, and that of course is something to be paying close attention to, assuming that we can get anywhere near there.

During the past week, we have seen the Federal Reserve choose to pause its rate hiking cycle, and that has send the S&P 500 into a bit of a frenzy. Keep in mind that next week kicks off with the Juneteenth holiday on Monday, so the underlying index will not be moving until Tuesday. It’s also worth noting that the Friday candlestick is being influenced by triple witching, so that of course has its own influence on the weekly candlestick.

All things being equal, we are a little overdone, so I think at this point we’ve got a situation where value hunters will come in on each dip, or if we can break out above the 4500 levels in the futures market, the S&P 500 could really start to take off to the upside as the market will continue to go much higher. All things being equal, this is a market that I think continues to be bullish, especially as there is a lot of FOMO trading out there going on.

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