Bank Of America Analyst Foresees A 23% Upswing In S&P 500 Upon Breaching Key Level
Portfolio Pulse from Benzinga Neuro
Bank of America technical research strategist Stephen Suttmeier predicts a 23% rise in the S&P 500 if it breaks above the low 4,600s, confirming a 'cup and handle' pattern. This could lead the index to surpass its record high and reach the low 5,200s. The bullish outlook is supported by rising long-term moving averages and similar patterns in the Nasdaq Composite and sectors like technology, semiconductors, and homebuilders. Institutional asset managers and retail investors have accumulated buying power, which could contribute to a year-end rally.
November 28, 2023 | 4:06 am
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Bank of America's Stephen Suttmeier forecasts a 23% increase in the S&P 500, which could positively impact SPY, an ETF tracking the index, if the market breaks above the low 4,600s.
The prediction of a significant rise in the S&P 500 index directly impacts SPY, as it is designed to track the performance of the index. The technical analysis suggesting a 'cup and handle' pattern and the potential for a year-end rally due to buying power from asset managers and retail investors provide a strong bullish case for SPY in the short term.
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