SNP500 Forecast for the rest of 2023 and most of 2024
Well the market has really stunned a lot of us bears, we were all calling for the inverse head and shoulders and we never got it, the market just kept rallying and rallying.
Wouldn't it be funny if we got a an inverse h&s after all? I am seeing us as very overbought and am expecting that we may get some kind of a pull back or a sell off in the coming weeks, maybe aligning with the fed meeting on Dec 13th. There is also weak seasonality in the early to mid parts of December.
I think Powell will tell us all that the rate hikes are over and the fed has done it's job (signaling the incoming demand destruction) Markets will have a glorious Santa rally and we will push all time highs and I say we break past them and target 490 after the new year.
The end of February is when I think reality sets in and the rug may get pulled, after a bad start to quarter 1 and possible layoffs. if we drop off at the same rate as 2022 that would send us back down to the mid 360s by November, depending on election fears and media hyperbole (will they tell us the economy is great, or will they tell us Trump is going to bring on the dark ages? It kind of depends on the economy, if the outlook is bleak the media might actually make things very fearful)
I don't think we drop below the 360s if there is a recessionary pull back as things are not as bad as 2008, so I think we would probably bottom and rally after the election regardless of who wins.
This is just something I have in mind for the upcoming 12 months
Just my opinions.
Wouldn't it be funny if we got a an inverse h&s after all? I am seeing us as very overbought and am expecting that we may get some kind of a pull back or a sell off in the coming weeks, maybe aligning with the fed meeting on Dec 13th. There is also weak seasonality in the early to mid parts of December.
I think Powell will tell us all that the rate hikes are over and the fed has done it's job (signaling the incoming demand destruction) Markets will have a glorious Santa rally and we will push all time highs and I say we break past them and target 490 after the new year.
The end of February is when I think reality sets in and the rug may get pulled, after a bad start to quarter 1 and possible layoffs. if we drop off at the same rate as 2022 that would send us back down to the mid 360s by November, depending on election fears and media hyperbole (will they tell us the economy is great, or will they tell us Trump is going to bring on the dark ages? It kind of depends on the economy, if the outlook is bleak the media might actually make things very fearful)
I don't think we drop below the 360s if there is a recessionary pull back as things are not as bad as 2008, so I think we would probably bottom and rally after the election regardless of who wins.
This is just something I have in mind for the upcoming 12 months
Just my opinions.
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