The broadening market rally gives room for the S&P 500 to rise to as high as 6,150, according to Bank of America.
The broadening market rally has Bank of America forecasting further upside for the S & P 500 . Strategist Stephen Suttmeier estimates the broad market index will reach 6,150, or 8.5% higher than Tuesday's close. Rate-sensitive sectors such as regional banks and small caps have enjoyed gains over the past week as investors become more optimistic about interest rate cuts. Month to date, the real estate, financials and consumer discretionary sectors are up by more than 4%.
"Breadth improved at the index level, with the Russell 2000 , NYSE , and Dow Jones Industrial Average also breaking out to new highs to suggest that the summer 2024 rally is getting healthier," Suttmeier wrote in a Tuesday note. The broad market index has already reached the 5,600 level on the bullish cup and handle chart pattern, which traders view as a bullish signal indicating a continuation to upside.
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