S&P 500 Weekly Price Forecast – Stock Markets Continue to Rally

S&P 500 Weekly Forecast Video for 27.11.23

S&P 500 Weekly Technical Analysis

The S&P 500 rallied a bit during the course of the week, as we continue to see upward pressure. At this point, any short-term pullback is more likely than not going to be bought into, especially now that we are heading into the end of the year, and people are looking toward the “Santa Claus rally” that typically comes this time of year. Ultimately, I do think that we eventually break out above the recent highs and go much higher than that. It doesn’t mean that we get there right away, but it does suggest that we will continue to find plenty of support underneath.

Underneath, the 50-Week EMA sits near the negative channel that we had been in, so I think will be paying close attention to them. With that being said, the market has plenty of room between here and support, so if we do pull back, it’s probably best to scale into a position, and pick up little bits and pieces. The 4500 level underneath is the first area that I think will attract a certain amount of attention, but I would not jump “all in” into a position right away. The S&P 500 continues to move based on interest rates, and as long as interest rates continue to fall a bit, that will more likely than not push the S&P 500 higher. Remember, the stock market is more about getting cheap and free money from the Federal Reserve than it has anything to do with the overall economy. That’s been the game for 15 years, and will continue to be so going forward.

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