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

S&P 500 Weekly Technical Analysis

The S&P 500 initially pulled back just a bit during the course of the early hours of the week, only to turn around and show signs of strength to go looking towards the 5,550 level. All things being equal, this is a market that also had a liquidity issue this week due to the fact that the Independence Day celebrations on Thursday give you a little bit of pause for concern because there would not have been so many traders at their desk. And then, of course, you have Friday’s jobs report, which also causes liquidity issues. So, all things combined, this is a market that basically just followed the trend. And truthfully, that’s what you expect.

So, I think short-term pull banks will continue to get bought into and a nice pullback would be perfect here. But whether or not we get it remains to be seen. Either way, the one thing that I do know is that you cannot be a short seller in this market. That’s a great way to lose your account because it is like a runaway freight train. I like finding value when I can get it.

Or, if you’re insistent on jumping in now, just don’t jump in with both feet. Recognize that you may have to sit through some volatility on the way to higher levels. This is a market that is essentially driven by a handful of AI stocks, and as long as they do well, we go higher.

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