Stocks stay resilient in consolidation; aim higher (S&P 500 Forecast)

Intermediate
  • A resilient and sideways theme this week so far for the major global stock averages, with markets dipping and bouncing Tuesday.
  • This sustains the underlying “risk on” phase from May, that has extended into early June.
  • Here we look at the futures contract for the US benchmark share index, the S&P 500 forecast for today and into June.

S&P 500 day trade outlook: High-level consolidation maintains bull shift theme

A high-level consolidation Tuesday (as also seen on Monday) to dip and bounce from just below 3193.5 minor support, from 3190.0, after a new cycle high Monday to 3231.25, leaving bull forces from Friday’s push above critical 3137.0 resistance (for an intermediate-term bullish shift), to keep the risk still higher Wednesday.

  • We see an upside bias through 3231.25 for 3236.75; a break above here aims for 3260.0, maybe 3293/95.
  • But below 3190.0 targets the 3168.5; below maybe aims for 3133.75/28.25 area.

S&P 500 intermediate-term outlook

The early June surge above 3137.0 signalled an intermediate-term shift from neutral, to bullish.

  • Upside risks: We see an intermediate-term bull trend to aim for 3397.5 maybe 3500.0.
  • What changes this? Below 2965.5 shifts the intermediate-term bull trend to neutral, and below 2760.25 to an intermediate-term bear trend.

4 Hour S&P 500 Chart

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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