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

S&P 500 Weekly Technical Analysis

The S&P 500 has spent most of the week trying to rally, but it’s worth noting that Juneteenth was on Wednesday, so the underlying index was closed. And of course, we have a massive options expiration going on during the Friday session. So, I think at this point you can only read so much into the candlestick. It does look a little tired, but any pullback at this point in time, more likely than not, will offer value that people are willing to step in and take advantage of.

The 5300 level underneath is an area that I think a lot of buyers will step in and try to defend the trend based on market memory if nothing else. We did break above the $5500 level, which of course is a large round psychologically significant figure, but we seem to have since cooled off just a bit. Even if we break above that level again, I do think that you are probably going to see a lot of choppy but positive behavior.

Remember, the S&P 500 is just simply an ETF for about three stocks now. So as long as all the usual AI driven stocks are rallying, then the S&P 500 will follow right along. After all, this is a market that runs on momentum more than anything else, so as long as it is available, momentum that is, this is a market that will go higher over time.

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