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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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
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