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

US Stock Market Forecast Video for 18.12.23

S&P 500 Weekly Technical Analysis

The S&P 500 rallied during the course of the trading week, showing signs of life. Ultimately, the market looks as if it is trying to reach the all-time highs, but at this point I think it is only a matter of time before we do get a pullback. That pullback more likely than not will end up being an opportunity for longer-term investors, but the next couple of weeks are going to see volatility disappear. Underneath, the 4600 level is a large, round, psychologically significant figure that could be significant support. Short-term pullbacks give traders an opportunity to get involved, but I also recognize that the next couple of weeks will continue to be a major issue.

Liquidity disappearing means that you probably should stay away from the market, but if we do get some type of massive selloff, you can start to build a position for next year. 2024 is more likely than not going to be bullish as interest rates continue to drop in the United States, which has a major influence on people jumping into the market to find returns. All things being equal, it doesn’t really matter if we do pullback in the short term, I still think you have to look for value more than anything else. I certainly would not be a seller of the S&P 500, and therefore it’s likely that we will continue to see buyers come in and try to pick up stocks every time they get an opportunity. Quite frankly, it’s what the narrative has been as of late, and therefore I think we will continue to see that pattern heading into the next year.

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