S&P 500 Price Forecast – S&P 500 Continues to Look For 5000

US Stock Market Forecast Video for 09-02-2024

S&P 500 Technical Analysis

The S&P 500 has been relatively quiet in the early hours on Thursday, but it does look like a market that’s building up for some type of continuation move. After all, the trading session on Wednesday was pretty positive and now I think everybody is going to try to do everything they can to break above the 5,000 level decidedly.

This is a large round number and a juicy target that a lot of people will be paying attention to, so we’ll have to see how this plays out. I think a move above $5,000 would trigger some profit taking, but at this point, I would also anticipate that any daily close above there probably kicks off a lot of FOMO trading. Remember the S&P 500 is an ETF of seven stocks. Now it’s not 500 stocks anymore as 493 of them are essentially pointless.

With that, you have to pay attention to all of the stocks that everybody is an investor of due to passive investing and see how Tesla does, how Amazon does, etcetera. Short-term pullbacks should continue to be buying opportunities and I do think that it is probably only a matter of time before we get that short-term pullback.

I believe at this point in time, the 4900 level should offer support and most certainly the 4,800 level will, while on the upside the 5,000 has a lot of psychology attached to it. So therefore, it’s going to have a lot of noise attached to it as well. Because of this, you need to be cautious and keep your position size reasonable, but there’s obviously only one direction you could be trading this market in at the moment as the bullish pressure is just overwhelming.

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