S&P 500 Price Forecast – S&P 500 Continues to See Upward Pressure

S&P 500 Technical Analysis

The S&P 500 rallied a bit during the trading session on Wednesday in the early hours, as it looks like we are going to continue the overall pressurization of the market to the upside. This has been the case more often than not over the last several months.

We are just a bit above 5,300 and at this point in time, it must be noted that the 5,300 level is an area that has been important multiple times. So, it does make a certain amount of sense that we would look at this through the prism of a bit of a magnet for price and the possibility that we are building up the excess pressure needed to continue higher over the longer term.

If we can break above the 5,350 level, then it’s likely that we could go looking to the 5,500 level over the longer term, which is my target at this point, but I also recognize that the way the markets behave this year, we can blow right through that. Short-term pullbacks continue to be buying opportunities, and it’s probably worth noting that the most recent pullback found solace, and more importantly, support at the 50-day EMA.

With all of this being said, the simple trend is to the upside. But we do have the jobs numbers on Friday. That could throw a little bit of a monkey wrench into the situation, but I look at it this way. If we do get a pullback based on that jobs report, it just ends up being a nether buying opportunity.

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