SP 500 Forecast Today-14/03: Continues To See Buyers (Chart)
Date
3/14/2024 2:27:33 PM
(MENAFN- Daily Forex) SP 500 Price Forecast: The S&P 500 is still rising
As we approach the all-time high in the overnight hours on Wednesday, the S&P 500 has once again demonstrated its bullishness. Now, we just need to wait for New York to get on board and perhaps run the market to all-time highs again.
The S&P 500 Continues to Look Very Bullish
Wednesday's session saw an early rally in the S&P 500 as we continue to move higher. And it appears that we are once more prepared to pose a threat to the all-time highs. Having said that, I believe there is still a lot of momentum in this market because investors are still placing bets on the Magnificent Seven, the same seven stocks that are still driving the market overall. Having said that, I don't think there's much to do in this situation other than watch the market closely.
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Naturally, the S&P 500 will be a market that closely monitors not just the same stocks that it has been for some time, but also Federal Reserve monetary policy, which appears to be loosening later this year, and I believe that is a big part of what investors are wagering on. In the end, I believe that given enough time, we will break through much higher, eventually clearing the 5200 level, and just keep pushing higher in this 45-degree channel . Since the S&P 500 hasn't given us any reason to believe that anything has changed, any short-term pullback should be considered a possible opportunity to buy. The market really has nothing to worry about for the remainder of the week after we get through PPI on Thursday, and I predict we will continue to see a lot of this kind of rush into the weekend that we've seen recently.
Below, I consider the 5,000 mark to be the market's absolute bottom, but to be honest, I'd be a little shocked if we reached that mark at this time. The best course of action is still to buy on a dip. In the end, this is how this market acts because this is the same routine that we have been following for a few months, and as of right now, I don't see anything changing.
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