S&P 500 Weekly Price Forecast – Stock Market Continues to Threaten a Breakout

US Stock Market Forecast Video for 11.12.23

S&P 500 Weekly Technical Analysis

The S&P 500 initially pulled back a bit during the course of the trading week, but it looks like we’re going to do everything we can to break out. The S&P 500 is looking at the bond market and seeing falling yields, which of course gets everybody excited. After all, the only thing that people care about is whether or not money is cheap. If it remains cheap, then it is likely that stocks will continue to rally. Interest rates have been falling for a while, and that has led to this massive rally that we have seen.

If we can break above the 4600 level, the market could go much higher, but at this point in time it’s likely that we see a situation where if we do breakout, we probably go looking to the 4700 level rather quickly. On the other hand, if we break down below the 4500 level, it could send this market down to the 4250 level, which is an area that a lot of people would be paying attention to due to the fact that it was a swing low that recently has shown itself to be so important.

Ultimately, I think this is a situation where buyers continue to come in and pick up value wherever they can find it. If we do breakout, that just sends more money chasing performance, because at the end of the day, that’s essentially what people do. The question now is whether or not we are forming a double top, or if we are going to breakout?

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