S&P Weekly Price Forecast – S&P 500 Attempts to Recover After Selloff

S&P 500 Weekly Technical Analysis

The S&P 500 initially rallied during the week only to turn around and show signs of negativity. We actually plunged for some time, but now that we are heading into the weekend, it looks like we are trying to do what we can in order to recover the 5500 level. If we can close above the 5500 level, that would be a very bullish sign and it almost certainly would send the market into more of a FOMO trade. All things being equal, we are still very much in an uptrend and that has not changed. Because of this, I have the thought process of looking at this through the prism of buying dips.

The 5300 level underneath is massive support as it had previously been resistance. I think a certain amount of market memory exists there and that’s something worth paying attention to if we do in fact continue to fall. There have been a lot of concerns as of late, but quite frankly, this is a market that may have just been stretched too far. With this, I like buying dips. I don’t want to jump in with huge positions, but I do recognize that

We most certainly have a lot of buyers out there willing to get involved. And with that in mind, I don’t want to fight the overall trend. I think eventually we will go back to the all-time highs again, which we made just two weeks ago.

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