S&P 500 Price Forecast – Stocks Continue to Look Strong

S&P 500 Technical Analysis

The S&P 500 of course is going to be paying close attention to the fact that it is Good Friday during the Friday session, but at this point in time you also have to keep in mind that market participants continue to look at this through a bullish lens.

All things being equal, a short-term pullback is something that we need to look at as a potential buying opportunity, reaching the 5,300 level. A short-term pullback at this point in time, I think would look like 5,200 being a support level and then after that, we would go down to the 5,100 level. The 50-day EMA sits in that same area as well and therefore I think you’ve got a situation where you just take advantage of any value you get.

Keep in mind that the S&P 500 is moving based on the idea that the Federal Reserve is going to be cutting rates later in the year and of course the fact that it is just a handful of stocks tend to move this index. On Friday the index will be closed but pay close attention to your CFD markets because they can give you a heads up as to how traders feel because some CFD markets might actually be open depending on your broker.

Either way, this is a nice, strong uptrend, and you just can’t fight it. I think we are more likely going to go to the 5500 level before it’s all said and done, but it’s going to take some time to get there naturally. In general, I like this market every time it pulls back I look at it as a potential buying opportunity.

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