Goldman Sachs predicts the S&P 500 will end the year at 5200, with potential closing ranges of 6000, 5800, or 4500. The index is currently 8% above the average 2024 year-end price target of 4861 from Wall Street strategists. The percentage of S&P 500 stocks trading above their 200-day simple moving averages is at its highest since August 2021. The S&P 500's P/E ratio has risen to 24.4, 32% above the median ratio since 1988. The weekly RSI for the S&P 500 is nearing 80, historically signaling potential stall in rallies.
$SPX Weekly RSI nearing 80. Rare. Historically most of the times SPX rallies have stalled and consolidated at ~80 RSI’s. Beginning of 2018 being one of the lone exceptions where RSI went ballistic to 90. But suffered a swift two week -12% drawdown thereafter. Fwiw.
The S&P 500's P/E ratio has moved up to 24.4, which is 32% above the median P/E ratio since 1988 (18.5). $SPX Video: https://t.co/emEeCqgaDV https://t.co/b0ZXR4neYx
When the S&P 500 was peaking in Q1 2022, the $XLP vs. $RSP ratio's 20-day in blue shot rapidly above the 250-day in black. Last week, the same 20-day closed at a new 52-week low. More charts here: https://t.co/kmp7smlFsV https://t.co/S5WxJ7qW0L
The % of $SPX stocks trading above their 200SMAs is at the highest since August 2021. https://t.co/xh56ep4qHF
At 5,254, the S&P 500 is already 8% above the average 2024 year-end price target from Wall Street strategists (4,861). $SPX Video: https://t.co/NwpmKkw1uB https://t.co/9ShiRH4fai
Goldman: The S&P will end the year at 5200. But it may also close at 6000, 5800 or 4500. (this is from the always useless research desk, not the actually great S&T guys). https://t.co/r7QangdL7J