S&P 500 Weekly Price Forecast – S&P 500 Continues to Rally

S&P 500 Weekly Technical Analysis

At this point, it looks like the S&P 500 is trying to continue to go to the upside, perhaps break out towards the 5,300 level, an area that had been important previously as we pulled back from there. If we can break above the 5,300 level, then we could go much higher. The market then opens up the possibility of a much bigger move, perhaps to the 5500 level. Short-term pullbacks will more likely than not be bought into from everything I see. And even though it looks a little noisy during the daily timeframe, when you look at the weekly chart, it’s but a blip on the radar when you look at the way we pulled back.

Ultimately, the 5000 level underneath is a significant floor in the market that I think will continue to offer support. And I believe that the 5300 level being broken out and above is likely going to be a gateway to the 5500 level. In general, this is a market that I think continues to be noisy, but I look at each dip as a buying opportunity and it’s obvious that Wall Street does as well. They always have some type of narrative that they’re following to push stocks higher.

So, you really can’t short the market regardless, due to the fact that it’s not designed to fall. It’s not equal weighted. So given enough time, I think you have to look at this as an opportunity to go higher, but you also have to recognize that occasionally we’ll have to get a little bit of negative pressure to shake out some traders and in order to build up a little bit of value.

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