Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

S&P 500 could end the year over 10% higher from here - Piper Sandler

EditorPollock Mondal
Published 09/22/2023, 06:12 PM
© Reuters.
SPY
-
US10YT=X
-

Piper Sandler technical analysts reflected on the S&P 500 performance and outlook for the rest of the year in the aftermath of the FOMC meeting.

Following the decision not to raise interest rates at this week’s meeting, the U.S. stock market fell, while Treasury 10-year yields increased. The recent labor market data also supported the belief that the Federal Reserve is likely to maintain higher interest rates for a longer period than initially expected.

Analysts expect the stock market will trade in a “drop/chop” mode in the following weeks before the S&P 500 delivers a rally into year-end. They see the S&P 500 rallying all the way to 4,825.

“The weak September narrative continues playing out as expected, but long and intermediate-term uptrends remain intact. This is evidenced by 27% of SPX constituents above their 50-day MA, while 48% are above their 200-day MA,” analysts wrote in a report to clients.

“The SPX is back where it was four weeks ago along the 4,400 level, backing and filling within 6% of its YTD high (4,607) and support at the August ‘22 high (4,325).”

S&P 500 fell 1.6% yesterday, ending the day at 4,333. Based on analysts' projections, the S&P 500 could gain over 11% before the end of the year.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.