S&P 500 – Weekly Forecast 4-29-24

Monthly we see that this is very similar to what we posted for DIA. March was our first Target with April forming a new Trend moving into June.

March formed our High as we forecasted here: https://fortunacalls.net/daily-weekly-forecast-the-dow-to-continue-trend-3-22-24-all-time-highs-week-of-the-25th/

Showing that April had a High potential for a downside trend. Here we see that with the development of a new Trend that there is potential to Bottom early May and then move up into June; however, it’s still highly possible that this downward trend could move into the Trend Target of June.

As we move closer to July our models will update and we may see June carry on a trend into July. For now though it appears that the next Major trend to develop will be August into September.

We see just like DIA that there is a Trend developing into the week of May 6th. Should we see last week’s low of 495.43 be taken out it’s highly likely that we move into a Low the week of May 6th with a new Trend developing from the week of May 20th into the week of June 10th.

Should the trend into the week of May 6th/13th be downside then Expect an Upside Swing into mid June. Should the Rally remain strong and we move into a High the week of May 6th then it would appear a continued downside movement is likely into mid June.

Daily we see that there is a trend moving into the Target of April 30th/ May 1st with a new Trend moving into the Target of May 6th.

Should we get a High on APril 30th it would then point to a downside movement into the Target of May 6th.

Should we get a Downside move into the Target of the 30th then we could see a continued Rally into the Next Target of May 6th. Watch to see how the market moves into the Target of April 30th as this will be a Huge influence on how the Week closes as we move into the Major Target week of may 6th.

Summary: Similar to DIA this week of April 29th is crucial to setting the stage on how the Markets will move into mid June. Should we form a High the week of may 6th we will most likely Turn Down into Mid June.

Should the Markets form a Low the week of May 6th then expect a strong Rally thereafter into mid June. This is a crucial time.


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