S&P 500 Forecast Today - 26/11: S&P 500 Climbs (Chart)
Date
11/26/2024 2:30:18 PM
(MENAFN- Daily Forex)
In my daily analysis of the S&P 500 the first thing I notice is that we gapped higher to kick off the week. We shot above the 6000 level; it looks as if there was a bit of a barrier between their in the 6020 level. All things being equal, this is a barrier that's been very difficult to break above, but I think we will eventually, as we have been so steadfast in our attempts to finally break higher. All things being equal, this is a situation where traders continue to be attracted to dips, despite the fact that volume is essentially normal.
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The technical analysis for the
S&P 500 index
is obviously bullish, with the exception of the 6020 level offering a bit of a ceiling. However, I do think that eventually we break above there and continue to go much higher. This would probably bring in a bit of“FOMO trading”, so that's worth, I would be looking to add to this position above there. This is a situation where people are going to be looking to take advantage of any big momentum that comes into the markets.
The 50 Day EMA has been offering massive support along the way, as it has almost functioned as a bit of a trendline. Ultimately, this is a market that has been strong, and I just don't see how this changes for the longer-term, especially as the earnings season hasn't been too bad, and of course we have the so-called“Santa Claus rally” that is likely to occur. This is when traders throw money at the market in the month of December in order to try to pad returns for their clients, as some portfolio managers out there might be underperforming the market. While I don't know the scientific or statistical returns for the month of December, this is a well-known phenomenon that does end up being a“self-fulfilling prophecy” more often than not. In other words, we will probably rally into the New Year holiday, as we do most years.
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