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S&P 500 Price Forecast – S&P 500 Continues to See Strength Overall

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S&P 500 Technical Analysis

The S&P 500 rallied slightly in the early hours on Thursday, but quite frankly, this is a market that I think will do everything you can to continue rallying, after all, we just broke out of the recent high and broke above it. So I think you’ve got a situation where traders will continue to look at this as a market that is one that you need to probably buy dips, the 5300 level underneath will continue to be important.

And I do think continues to be a major driver of where we go. As long as we can stay above 5300, I think this is a market that remains very strong. Even if we do break down below there, the 50 day EMA comes into the picture offering support somewhere closer to the 5200 level. So interestingly enough, this is a market that I think is basically running on a handful of stocks, as per usual.

And with Nvidia, basically eating everything else this is almost like an ETF of Nvidia, Apple, and Microsoft, which the three companies combined are now worth more than the entire Chinese stock market. So, take what you will out of that. Either way, momentum is to the upside, and it looks like we continue to go higher. I still believe 5,500 is a very likely target. I think we will get there sometime this summer, maybe faster than I think even.

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

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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