Potential 'False Breakout' Looms For S&P 500 Despite Reaching Bull Market Region, Says Top Wall Street Analyst
Portfolio Pulse from Piero Cingari
Morgan Stanley's Equity Strategist Michael Wilson warns of a potential false breakout for the S&P 500 Index, despite reaching the bull market region. Technical signals and fundamental headwinds suggest that this is not the start of a new cyclical bull market for the S&P 500, which is closely tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY).
May 22, 2023 | 1:35 pm
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Morgan Stanley's Michael Wilson warns of a potential false breakout for the S&P 500, which is closely tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY).
The article states that Morgan Stanley's Equity Strategist Michael Wilson sees no evidence of a fresh bull market for the S&P 500, despite reaching the bull market region. This suggests that the SPDR S&P 500 ETF Trust (NYSE:SPY), which closely tracks the S&P 500, may also experience a potential false breakout. The technical signals and fundamental headwinds mentioned in the article support this bearish view.
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