S&P 500 Technical Analysis
The S&P 500 is also threatening all-time highs again early in the morning, and I suspect it’s probably only a matter of time before we break above there. Over the longer term, I anticipate that the S&P 500 could go looking to the 6,000 level, and in the meantime, the 5,800 level is your short-term floor. The 50-day EMA is closer to the 5,700 level and is rising, so that’s something to keep an eye on. The S&P 500 has been very strong for some time, and we are at the top of what looks like consolidation over the last four trading sessions.
So, the question now is, will we get enough momentum in the market to push it to the upside? All things being equal though, I think anytime this market pulls back, much like the other US indices and pretty much for the same reasons, you are looking for buying opportunities. The best way to play this in my experience has always been to wait for a pullback, the subsequent bounce and start buying at that point. If you are already involved in these indices, well, at this point in time, it’s just about trade management.