Annual Forecast for S&P 500 (2024)

S&P 500 Annual Forecast – Price Maintains Bullish Fervor

S&P 500 maintains its bullish fervor even as it enters the year 2022. The market has been ascending via a parallel channel from as far back as 2018. Nevertheless, though still climbing upwards, S&P 500 was subdued below the middle line of the parallel channel. By the beginning of the year 2021, the price increased its fervor and rose to the midline. A pullback helped it eventually rise above the middle line of the parallel channel. This continued into 2022.

S&P 500 Significant Levels

Resistance Levels: 4810.0, 2947.0
Support Levels: 2144.0, 2507.0

S&P 500 Long Term Plan: Bullish

The market started showing bullish fervor after it broke past the 2144.0 price line in July 2016. S&P maintained a steady climb until it met opposition at a strong 2947.0 level. The price was suppressed below this level, breaking below the channel but using 2507.0 as support. This continued until the first quarter of 2020 when the price revived and broke through the barriers to reach 3671.0 on consecutive bullish candles.

Price is seen using the retrace and pump pattern to break through several other barriers from below the 3671.0 level until it reaches its current price level of 4810.0. As a result, the S&P 500 nearly doubled in price in a shorter period from 2020 to 2022. The Parabolic SAR (Stop and Reverse) still indicates bullishness with its dots below the monthly candlesticks, but the market is, however, facing a much sterner test at 4810.0. The Elders Force Index, while still at a positive value, has been undulating sideways and currently has its tip drooping.

S&P 500 Medium Term Plan: Bullish

On the weekly chart, the price is confronting the 4810.0 resistance as well as trying to break out upwards of the parallel channel. This accounts for the reduced momentum in the price. On the weekly chart, the power line of the EFI can be seen alternating between a positive and negative value. As a result, it is expected that the price will continue to oscillate between the 4810.0 resistance level and the channel’s middle line until it breaks through the resistance level and resumes its upward movement.

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