Bank of America technical strategists say S&P 500 will hit 6150
Their analysis highlights the recent surge in the SPX, which has already achieved new all-time highs and is approaching the projected target in the 5600s based on a 2022-2023 bullish cup and handle pattern.
Bank of America believes these laggards still hold potential for higher highs based on their"constructive absolute chart patterns," but their confirmation is crucial for a healthy summer rally. They explain that this positive trend is echoed across the OEX, NDX, NASDAQ Composite, and INDU. Additionally, the breakout in the"US top 15 most active A-D line," a gauge of market breadth and volume for the most actively traded stocks, is seen as a strong confirmation of the rally.
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