S&P 500 Price Forecast – S&P 500 Continues to Look Bullish

S&P 500 Technical Analysis

The S&P 500 rallied a bit during the early hours on Monday, as we continue to see a significant amount of upward pressure. The question, of course, now is whether or not we can continue this move, but it certainly looks as if we are going to try to. The 5650 level is a short term resistance barrier, and if we can break above there, then I don’t see any reason why we don’t go looking to the 5700 level. Short term pullbacks continue to be enticing for bullish traders and so this is a market that has seen plenty of momentum. Underneath I see the 5500 level is a large round psychological significant figure that a lot of people will look at as a potential short term floor.

The 50 day EMA is racing towards that area, as it currently is at the 5450 region. I have no interest in shorting this market, and I do think that it is probably only a matter of time before we go higher. Ultimately, this is a market that I think is just simply driven by momentum, and there really isn’t a whole lot that you can talk about other than money keeps flowing into that same handful of stocks that have been driving the S&P 500 higher for some time. Because of this, as long as you have the same major technology companies racing higher, you will continue to have the “FOMO trade” working for the S&P 500 overall.

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