S&P 500 Forecast: SPX Churn to 6100

It was a slow grind higher for the S&P 500 last week, but the index touched the next major round level of 6100 and there’s no some open and unfilled gap around 6050.

NA-meet-our-team-James-Stanley-125x125
By :  ,  Sr. Strategist
December 8, 2024 8:00 AM
stocks_02
NA-meet-our-team-James-Stanley-125x125
By :  ,  Sr. Strategist

 

S&P 500 Talking Points:

  • Stocks retained strength through the week with SPX rising to test the 6100 level on Friday.
  • Ahead of the Thanksgiving holiday the index was still test the 6k level for support but that hasn’t traded since Black Friday. It remains as a possible spot of support should pullback themes develop.
  • I tracked the bigger picture backdrop for stocks in the Q4 forecast and you can access that in its entirety from the link below:

Get our exclusive guide to index trading in Q4 2024

It’s been a slow and methodical move higher for US equities of late. There was a massive gap around the Presidential election last month; and then a pullback from that until support held at the top of that gap. But, since then, it’s pretty much been a straight-line higher with very little pullback along the way. There was a bit of resistance at the re-test of the 6k level a couple weeks ago, but that didn’t last for long as bulls grinded through that. And then this week saw buyers press up to the next psychological level at 6100, which set the high on Friday morning for SPX.

 

SPX Daily Price Chart

spx daily 12624Chart prepared by James Stanley; data derived from Tradingview

 

SPX Mind the Gap

 

For next week there’s support potential at a prior unfilled gap in SPX. That runs from the 6049 prior high up to the 6061 low from Wednesday morning. There’s been a tendency for those gaps to show as support of late, such as we can see in the red zone on the chart below from a couple weeks ago. But – there is still even about a point of unfilled gap left over from last week’s open, between 6032 and 6033.

 

SPX Four-Hour Price Chart

spx four hour 12624Chart prepared by James Stanley; data derived from Tradingview

 

--- written by James Stanley, Senior Strategist

Related tags: SPX 500 US500

Latest market news

View more
2025 AUD/USD Fundamental Outlook Preview
Yesterday 08:00 PM
2025 Gold Technical Outlook Preview
Yesterday 02:00 PM
2025 Gold Fundamental Outlook Preview
Yesterday 07:00 AM
2025 EUR/USD Technical Outlook Preview
Yesterday 02:00 AM
2025 EUR/USD Outlook Fundamental Preview
December 24, 2024 08:00 PM
2025 Crude Oil Outlook Technical Preview
December 24, 2024 04:00 PM

Open an account today

Experience award-winning platforms with fast and secure execution.
Open account

Web Trader platform

Our sophisticated web-based platform is packed with features.
Learn more
Economic Calendar

Latest SPX 500 articles

stocks_09
2025 Forecast for US Equities (Fundamental)
By:
James Stanley
December 23, 2024 01:33 PM
    stocks_03
    S&P 500 forecast: Stocks rebound after FOMC-linked drop, but caution prevails
    By:
    Fawad Razaqzada
    December 19, 2024 02:23 PM
      stocks_03
      S&P 500 forecast: US tech stocks maintain strong performance ahead of central bank meetings
      By:
      Fawad Razaqzada
      December 12, 2024 02:29 PM
        US_flag_NYC
        S&P500 Forecast: SPX rises after inflation data
        By:
        Fiona Cincotta
        December 11, 2024 02:20 PM

          This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

          StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

          In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

          StoneX Financial Pte. Ltd. is not under any obligation to update this report.

          Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.cityindex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.