S&P 500 Price Forecast – Stocks Look Ready to Bounce on Monday

S&P 500 Technical Analysis

The S&P 500 has rallied a bit during the early hours on Monday despite the fact that Joe Biden has left the presidential race. It doesn’t look like Wall Street’s too concerned and in all fairness, we have for a while considered that Donald Trump is probably the next president. So, with that being said, it wasn’t the big shock that a lot of people may have thought. And now it appears that the 5,500 level is going to continue to be considered an important support level. As long as we can stay above 5,500, it’s likely that we could go looking to the highs again, which are closer to the 5,690 level.

Even if we were to break down below 5,500, we have the 50-day EMA close to the 5,460 level that comes into the picture as well. In general, I think this pullback offers enough value that people are willing to get involved. And of course, we have the earning season going on right now, and that of course could provide a little bit of momentum for the markets as well.

In general, we’re in an uptrend and that’s probably the most important thing to recognize here. And with that being the case, I do think it makes a certain amount of sense to be looking to the upside. Ultimately, the earnings season is likely to be a major driver as well, as the markets continue to see questions asked of the economy and inflation in general.

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