S&P 500 Price Forecast – S&P 500 Continues to Rally

S&P 500 Technical Analysis

Short term pullbacks continue to look like buying opportunities, and I do think at this juncture, we will eventually break out to the upside and make a fresh new high. This is a market that had to hold its breath for the core PCE price index numbers, but I think now that we have got beyond that, the market is probably just going to continue to rally as it has for what seems like a lifetime. This is a market that is basically just operating on the idea of momentum more than anything else.

Short-term pullbacks attract attention that people are interested in, and therefore I think you have to look at this through the prism of whether or not enough value comes into the picture. I don’t have a target at this point, because quite frankly, for me and many other pundits out there, the target for the year, well, we just hit it. So, we are much further ahead of where I thought we’d be.

And with that, you’ve got a scenario where market participants will continue to look at this as a just simple buy on the dip type of scenario where you take advantage of weakness because, of course, Wall Street always pushes the narrative to the upside. Keep in mind that the S&P 500 is driven by just a handful of stocks, so as long as you’re watching all the usual ones, we should do quite well. This is a market that should be called the “S&P 5 or so.”

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