S&P 500 Price Forecast – S&P 500 Continues to See Support

S&P 500 Technical Analysis

The S&P 500 rallied just a bit during the early hours on Thursday, and it looks like we are going to continue to see more of a buy on the dip mentality. And quite frankly, Wall Street has the narrative going that you buy under any circumstance. They believe that the Federal Reserve will be cutting and I think that as we get closer to that expected interest rate cut, we will possibly see a significant amount of volatility. Regardless, I think this does remain buy on the dip and I think 5,500 underneath will be the hard floor in the market, which at the time of this video is 115 points below.

So, we do have some wiggle room here. Either way, I think it’s probably only a matter of time before we make a move to the upside, perhaps trying to get to the 5,700 level. The market will continue to be very noisy and erratic due to the fact that we are heading into earnings season. So do keep that in mind, but it should offer plenty of opportunities. You will have to be nimble, but at this point, even with the nasty candlestick that we saw on Wednesday, it’s pretty obvious. This is a market that is in a massive uptrend, and I just don’t see that changing anytime soon. Because of this, I believe that sooner or later, we have a lot of momentum coming back in.

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