REKR - Bank Of America Analyst Foresees A 23% Upswing In S&P 500 Upon Breaching Key Level | Benzinga
The S&P 500 could potentially observe a 23% surge if it overcomes a crucial level, as suggested by Bank of America.
What Happened: Stephen Suttmeier, a technical research strategist at Bank of America, stated last week that a firm break above the low 4,600s might confirm a ‘cup and handle’ pattern. This optimistic pattern could potentially propel the index beyond its record high of 4,819 and towards a measured move in the low 5,200s, reported Business Insider.
Adding to the bullish backdrop, the long-term moving averages of the S&P 500 are ascending.
“Rising 40-week and 200-week moving averages underpin this bullish longer-term technical setup,” Suttmeier said.
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According to Suttmeier, similar optimistic patterns are appearing in the Nasdaq Composite and other sectors like technology, ...