S&P 500 Price Forecast – S&P 500 Continues to Rally Into The Weekend

S&P 500 Technical Analysis

The S&P 500 initially tried to rally a bit during the course of the trading session on Friday but gave back quite a bit of the gains as we are seeing perhaps a lack of liquidity, after all, that lack of liquidity also is a byproduct of not only the jobs number on Friday, but the fact that the Independence Day celebration was on Thursday. So a lot of people are just simply not at work when it comes to New York. With this, I think it remains a very bullish market anyway. It’s the fact that we did rally initially.

It’s not a huge surprise due to the fact that it has been in an uptrend line for quite some time. So, I think that you’re just looking for dips as buying opportunities. I believe there’s a massive amount of support near the 5450 level underneath. And if we can break above the 5600 level it just continues more of the same noise.

This is a market that I think given enough time will continue to see a lot of noise but positive behavior. Keep in mind that the S&P 500 is mainly driven by a handful of stocks. It’s all about artificial intelligence now. So as long as those companies are doing okay, the index itself will follow right along. It’s basically an ETF of about four corporations. So buying on the dips should, at least in theory, continue to work to grind to the upside overall. I have no inclination to start selling.

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