Wall Street: What are the chances that the S&P500 will return to its all-time highs this year?

Wall Street: What are the chances that the S&P500 will return to its all-time highs this year?
September 6, 2023 – 2:15 p.m.

Assuming that there are no further increases in interest rates, the scenario is a return to all-time highs.

New York Stock Exchange

September, historically, was characterized by be a volatile month for US stocks and, in many cases, for their performance less favorable. According to the available data, from 1964 to 2021it is revealed that the ninth month of the year has registered an average performance negative -0.5% for the S&P 500with just 47% of those periods ending in gains.

However, at the end of last August a good sign was given in the technical aspect for the S&P 500, the index that is considered most representative of the real market situationgiven that managed to overcome the bearish guideline short term projected from the end of July.

This, according to market analysts, cconfirms the end of short-term falls and suggests an extension of the increases up to the annual maximums, drawn in the 4,607 points.

The behavior in these prices of the S&P 500 It’s very important. As soon as they are broken, it is very likely that the rallies will extend to the level of the 4,818 points, all-time highs. This finds its bases in that the technical aspect for the next weeks it’s good and since analysts only observe one sign of weakness in its technical aspect in the support of 4,335 points, low in August.

By overcoming that mentioned area, the path would be paved. buyers to all-time highs around the 4,800 point mark.

This is also assuming no further interest rate hikes, but the main scenario is an attempt to reach these all-time highs.

S&P 500: the path to historical levels

The key resistance that the S&P 500 should overcome is at 4,607 points. However, according to the operators, it appears that the buyers are willing to face that critical resistance level.

However, if the index were to turn below the critical support level of 4,330 points, it could provide an opportunity for a deeper correction with a target near 4,200 points.

Source: Ambito

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