Piper Sandler sees S&P 500 between 4600 and 5100 in near term
But generally, it was a tumultuous week for the stock market, with indices struggling to stabilize below their 50-day moving averages.
Analysts suggest that their 2024 prediction for a High-Level Trading Range is starting to materialize, as major stock indices have dropped below their 50-day moving averages, broken their five-month uptrends, and declined over 5% from their year-to-date highs. “With the major indices below their 50-day MAs and the “Sell in May” mantra looming, we favor being more tactical during another busy earnings week ahead of Friday’s unemployment report,” they added.
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