Indices

S&P 500 Index Forecast: Is Another Yearly High Loading?

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Written By: Abdullah Sarwar

Nov 23, 2023, 19:57 GMT 19:57

Summary:

S&P 500 index forecast: SPX chart shows a breakout above 4,545 level. In case of confirmation new yearly and all-time highs will be within reach.

The bears of the US stock market have been caught off guard due to a recent surprise trend reversal in the S&P 500 index. According to the latest stats, the US hedge funds have lost more than $40 billion betting against the benchmark index.

The SPX chart shows a V-shaped recovery since the start of November 2023. This rally seems to be fuelled by multiple headwinds, like the slowdown in inflation and the falling strength of the greenback.

However, the biggest benchmark of the US equities is still lagging behind the tech-heavy NASDAQ 100 index, which has already tapped new yearly highs this month.

It is evident from the following chart that the S&P 500 index forecast depends on the bulls’ ability to gain strength above the 4,545 level. This level which is marked on the chart below, is going to be the most critical level for the rest of this year.

If the index flips this level into support, a surge to a new all-time high might become a reality.

SPX Daily Chart

This post was last modified on Nov 23, 2023, 19:57 GMT 19:57

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.