S&P 500 Weekly Price Forecast – The S&P 500 Continues to See Upward Trend

S&P 500 Weekly Technical Analysis

You can see that the S&P 500 was slightly positive for the week, but really at this point in time, I think you’ve got a scenario where there isn’t a whole lot going on, and therefore I think short-term pullbacks are more likely than not. That short-term pullback, though, should end up being a very nice buying opportunity. Nonetheless, I think this is a scenario where the 5,000 level is your floor. You’re most certainly in an uptrend. There’s no point in fighting it. And we have been up about 12% since the beginning of the year. The S&P 500 is driven by just a handful of stocks and that has not changed.

Keep in mind that Monday of this coming week is the first day of Q2, so people will be paying attention to inflows as well, which should also continue to help this market go higher. That being said, what I desperately would like to see is some type of 10% pullback, but quite frankly, the market just hasn’t given us that opportunity. Because of this, you have to focus on short-term pullbacks for hints of value. And at this point in time, I do think that it’s very easy for this market to get to the 5,350 level. This is a situation where I think that you will just continue to look for value and taking advantage of it along the way. The trend has been obvious for some time, and therefore, only the truly foolish will short it.

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