S&P 500 Weekly Price Forecast – Stock Markets Have Tough First Week of The Year

US Stock Market Forecast Video for 08-01-2024

S&P 500 Weekly Technical Analysis

We have fallen pretty significantly during the week in the S&P 500, but it looks like the 4700 level continues to offer support. 4700 is an area that has been important multiple times over the last couple of weeks, but we are also pressing up against a major resistance barrier in the form of 4800.

4800 was the recent all-time high, and therefore it’s probably not a huge surprise to see that we have failed to break above there. At this point, I think the market is still vulnerable to the occasional pullback, but I don’t necessarily believe that means anything other than it will end up giving you a buying opportunity. With this, I like the idea of buying dips and continuing to find reasons to get long in this market.

If we can break above the 4,800 level, then it opens up a move to 5,000, which I think most pundits are basically banking on in 2024. While I think it will take a significant amount of momentum to get to that level, the reality is that if enough people believe it, we will find a way to get there. This doesn’t mean that we will get some type of significant pullback between now and then, and quite frankly I think that would be healthy. I look at this as a “buy on the dips” type of market going forward, at least until we break down below the 50-Week EMA, something that we are nowhere near doing at the moment. In fact, every time we pullback I will be buying small positions in order to take advantage of that potential value proposition.

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