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Thoughts on S&P 500's push towards 5200 by month-end
Been watching the market churn this week, and the resilience of the S&P 500 is notable despite some underlying data points suggesting a pause. With the recent inflation prints and central bank rhetoric, there's a strong narrative building for a sustained rally, though perhaps not a parabolic one. My gut says we've got a decent shot at touching the 5200 mark on the $SPX by the close of the month. I'd put the odds somewhere around 60-65% for that. The reasoning is largely momentum-driven, coupled with the seasonal tendencies for some late-month pushes, especially if there isn't any major negative catalyst from the upcoming economic calendar.
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It's interesting you bring up the 5200 target. I've been wondering how much of the current momentum is sustainable given the recent inflation data. Are you seeing any specific sectors driving this push more than others?