Goldman Sachs Predicts Continued Stock Market Rally While Fed Advises Caution: The SPY's Path To All-Time Highs
Portfolio Pulse from Melanie Schaffer
Goldman Sachs' chief equity strategist David Kostin has raised the year-end target for the S&P 500 index in 2024 to 5,100, indicating a 7% rise from current levels and a new all-time high. This contrasts with Cleveland Fed President Loretta Mester's caution against the recent market rally. The SPDR S&P 500 ETF (SPY) is showing bullish signs, attempting to break out from a bull flag pattern. Traders can use Direxion Daily S&P 500 Bull 3X Shares (SPXL) and Direxion Daily S&P 500 Bear 3X Shares (SPXS) to play the market bullishly or bearishly, respectively.
December 18, 2023 | 6:54 pm
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NEGATIVE IMPACT
SPXS, a triple-leveraged bearish ETF, may experience volatility as market sentiment is influenced by bullish predictions for the S&P 500.
SPXS could see short-term impact as traders may be hesitant to take bearish positions in light of the optimistic market outlook presented by Goldman Sachs.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 70
POSITIVE IMPACT
SPXL, a triple-leveraged bullish ETF, may see increased interest as Goldman Sachs predicts a continued rally in the S&P 500.
Given the bullish outlook for the S&P 500, SPXL could attract traders looking for amplified returns in line with the market's upward trajectory.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 70
POSITIVE IMPACT
Goldman Sachs predicts the S&P 500 and SPY will reach new all-time highs by the end of 2024, with a 7% increase from current levels.
The positive outlook from Goldman Sachs, suggesting a significant rise in the S&P 500 index, is likely to influence investor sentiment positively for SPY in the short term.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100