S&P 500 Weekly Price Forecast – Stock Markets Look Ready to Break Out
S&P 500 Weekly Forecast Video for 05.06.23
S&P 500 Weekly Technical Analysis
The S&P 500 initially fell during the trading week, but found enough support after the breakout to turn the market back around and run toward the 4300 level. The 4300 level is a large, round, psychologically significant figure, but more importantly, the market also looks as if it is trying to break above there and clear the swing highs. If we break above there, then it is likely that we go looking toward the 4500 level, a psychologically important figure.
At this point, it looks like Wall Street is going to be buying stocks regardless of what happens, but you should also keep in mind that the S&P 500 is just a handful of stocks more than anything else, because while I know it is supposed to be 500 stocks, the reality is it’s only about 10 that movement. With that being the case, pay attention all the biggest names, because they will continue to give you an idea is where we are going. Right now, it looks like Wall Street is trying to push the bubble further, but ultimately I think we are divorced from reality.
It doesn’t really matter though because the momentum is to the upside, and then until we were to break down below the 50-Week EMA, I look at this as a market that is very well supported, which is further shown to be the case due to the fact that we have 4 candlesticks out of the last 6 that look like hammers. This is not the type of market that you can short any time soon, as it remains a “buy on the dip” opportunity for most people.
For a look at all of today’s economic events, check out our economic calendar.