S&P 500 forecast to test the all-time high this week (likely today)

Intermediate
  • In our article on Friday we underlined the bull theme for US stock indices, which continue their push higher.
  • The S&P 500 is now poised to test its all-time high at 3397.5 from February 2020
  • European equity indices are now helping the US share averages in their push higher, starting to resume upside pressures.
  • Here we again focus on the US benchmark, the S&P 500.

S&P 500 day trade outlook: Eyeing the record high at 3397.5

Day trade update and view

A Friday-Monday prod higher to another new cycle high above 3351.0 resistance to 3363.5. to build on the steady, early August advance that saw a closure of the February bear gap at 3312.0-28.0, to extend bull forces from the mid-July rally through the key June cycle high at 3231.25 (for an intermediate-term bullish shift), to leave the threat to the upside for Tuesday.

Day trade setup

  • We see an upside bias through 3363.5; a break here aims for 3375.0, maybe the record high at 3397.5 and 3400.0.
  • But below 3322.25 targets 3300.5 and aims for 3278.75; below here possibly opens risk down to 3254.75.

S&P 500 intermediate-term outlook

The early July push above 3231.25 signalled an intermediate-term shift back to a bull trend.

  • Upside risks: We see an intermediate-term bull trend to aim for 3397.5 and 3500.0.
  • What changes this? Below 2983.5 shifts the intermediate-term bull trend to neutral; through 2923.75 to an intermediate-term bear trend.
6 Hour S&P 500 Chart
6 Hour S&P 500 Chart

Editor in chief

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

Comment on this video

Your email address will not be published. Required fields are marked *


Latest Related News

S&P 500 poised for bull signal into the Fed (S&P 500 forecast)

In a report last week we stated “S&P 500 rebound, looking to resume the party!”The party has not yet fully started again, but guests are turning up and the threat of the party ending have receded.The rebound efforts in the past week have eased the bearishness from the early September, tech driven rout.However, the market still needs to overcome notable resistance (3424.25 for the future)… Continued

S&P 500 rebound, looking to resume the party! – S&P 500 forecast

On Monday in our weekly Macro Watch publication we posed the question “Stocks dip – a deeper correction or a buying opportunity?” having last week highlighting that “S&P 500 keeps the party going!”Well both were in fact somewhat correct, with a deeper correction lower on Tuesday (after the US Labour Day holiday Monday), then a robust rebound effort on Wednesday to highlight the selloff as… Continued

S&P 500 keeps the party going!

Last week we looked at the S&P 500 cash and futures push above the February 202- peaks to a new record (plus through the psychological/ option target at 3400.0).Since then, the US equity indices have seen a relentless push higher with the S&P 500 keeping the party going marching through 3500 and now approaching 3600!Positive global PMI data this week has reinforced the economic recovery… Continued

S&P 500 future joins the cash index with surge to record high

Last week we highlighted that the S&P 500 cash index had hit a new record high on Tuesday 18th August and that he S&P 500 future was poised to test its all-time high at 3397.5 (from February 2020).The past 24-36 hours has seen a surge in the S&P 500 future through this high to a new record, plus through the psychological/ option target at 3400.0.This… Continued

Continued Topping Behavior – Market Turning Points

P&F target for near-term top:  3365/3390 (projection met) Cycle cluster ahead:  45-td cycle ~8/18, 26-day ~8/25, 36-td ~8-31 Market Analysis (Charts courtesy of QCharts) SPX-TRAN daily charts:  I have sought to make clearer the divergences warning of a top between the TRAN and SPX by marking on the SPX chart with a red vertical line, the dates on which TRAN made its high, followed by… Continued

Forex Brokers in your location


SIGN UP

79% of retail investor accounts lose money


SIGN UP

78,6% of retail investor accounts lose money


SIGN UP

74,9% of retail investor accounts lose.


SIGN UP

73,9% of retail investor accounts lose.