S&P 500 Price Forecast – S&P 500 Quiet in Electronic Holiday Trading

S&P 500 Technical Analysis

The S&P 500 in overnight electronic trading has risen just a bit, but keep in mind that during the day on Wednesday, it’s actually a holiday in the United States, so the underlying index won’t be moving. It is Juneteenth, it’s a relatively new holiday, and therefore a lot of traders overseas forget this. Ultimately, this is a market that will continue to think about going to the upside, but your CFD positions may or may not follow through over the next 24 hours.

Short-term pullbacks should continue to be buying opportunities in a market that is very obviously bullish. And now that we are hanging around the 5,500 level, most analysts will have to step back and re-figure their end-of-year targets because most of us actually saw 5,500 as being a reasonable one, but we have shot straight up in the air to get here yet again.

It’s probably worth knowing that we had recently broken out of a bullish flag at the 5300 level, which has a measured move to 5600, so it’s possible that’s the initial target. There’s certainly nothing on this chart that would keep me from thinking we could get there. I believe that the 5300 level continues to be massive support, especially with the 50-day EMA sitting just below there.

All things being equal, this is a market that I think continues to see a lot of buyers anytime we get an opportunity to pick up a bit of value in a market that quite frankly is so obviously bullish as just a handful of stocks continue to drive the index much higher.

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