Bullish US stock averages (S&P 500 forecast)

  • Solid gains by global stock averages on Monday, with US averages leading the way to new cycle highs.
  • Although European indices were technically damaged last week, the US stock averages have stayed resilient, likely assisted by US Dollar weakness.
  • Here we look at the US benchmark share index, the S&P 500 forecasts for today and into August.

S&P 500 day trade outlook: Bull trend extends

Day trade update and view

A firm advance Monday above the latter July cycle high at 3284.5 up to 3295.5, to build on the late July resilient, high-level consolidation above the 3190.25/88.5 area, resuming the bullish tone from the mid-July advance 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 for 3295.5; a break here aims for the February bear gap at 3312.0-28.0, maybe 3375.0.
  • But below 3254.75 targets 3212.5 and aims for the 3190.25/88.5 area; below here possibly opens risk down to 3157.0.

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 maybe 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

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