S&P $4300 By End Of February? Laying Out The Odds For A Weaker Q2 For Equity Benchmarks
Portfolio Pulse from David Keller
David Keller, CMT, Chief Market Strategist at StockCharts.com, discusses four potential scenarios for the S&P 500's performance over the next six to eight weeks. He emphasizes the importance of probabilistic analysis, considering alternative scenarios, and preparing to adapt portfolios accordingly. The scenarios range from very bullish, with the S&P 500 breaking to new all-time highs, to super bearish, with a retest of the October 2022 low around 4100. Key levels to watch are 4700-4800 for short-term range, with 4600 and 4450 as critical support levels. Keller also mentions that Meta Platforms, Inc. (META) and NVIDIA Corp. (NVDA) are leading growth names making new all-time highs.
January 18, 2024 | 12:56 pm
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Meta Platforms, Inc. (META) is highlighted as a leading growth name making new all-time highs, which could contribute to a very bullish scenario for the S&P 500.
META's performance as a leading growth stock is used as an indicator for the market's potential to reach new highs. Its current strength may positively influence investor sentiment and the broader market in the short term.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
NVIDIA Corp. (NVDA) is mentioned alongside META as a leading growth name making new all-time highs, which could support a very bullish scenario for the S&P 500.
NVDA's current trajectory of making new all-time highs is seen as a positive sign for the market's potential to achieve new highs. Its performance may have a favorable impact on the market's direction and investor confidence in the short term.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70