S&P Weekly Price Forecast – S&P 500 Continues to Find Buyers

S&P 500 Weekly Technical Analysis

You can see that the S&P 500 has rallied a bit during the course of the week, showing signs of strength yet again. With that being the case, I think the market will continue to see a lot of noisy behavior. With this, you have to look at this through the prism of a market that is likely to continue to see upward momentum, but also a situation where short term pullbacks will continue to be bought into. With that being the case, I think you are going to be looking for little pullbacks to take advantage of value and just simply go from there.

With that being said, I think the 5000 level underneath is going to be a major large round figure that you’re going to be looking at as the floor in the market. If we can clear 5100, then 5300 becomes the next target. Ultimately, I do believe that this is a market that will continue to be very noisy. But ultimately, I think you also have to be somewhat positive.

Shorting the S&P 500 just isn’t going to work in this type of environment. Although I do recognize the volatility is about to pick up in a major way as traders are looking for the next drama to get involved in. The volatility will be a feature, not a bug, in the equities markets overall at this point in time.

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