SPX: correction in H2 2024?
During the past week, the SPX had some notable movements. The index closed at 5.460 on Friday, marking a slight decline of 0.11% within the week after a dip of 0.41% on Friday. Friday's trading session came with strong volatility after the release of PCE data. The trading range was between levels of 5.522 and 5.452. The inflation in May, measured through PCE, was standing at 2.6%, the lowest annual rate within the last three years. At the same time, the University of Michigan sentiment figures were better from market forecast, rising to 68.2.
Overall the markets technical indicators remain mixed, with some analysts suggesting a potential for continued bullish momentum, while others note the risks of overbought conditions. Analysts from JPMorgan in their mid-year outlook, noted a challenging environment for the continuation of the stock bull market, which was generally supported by several stocks within the tech industry. Still, JPMorgan did not change their target for S&P 500 for this year, which is 4.200. The bank estimates that the short reversal in the stock market might be expected during the second half of 2024. They have also noted that the strong rise in indices in a Q4 of 2023 was supported by the expectations on four Fed's rate cuts during the course of 2024, which has not occurred.
Despite the recent drop, the S&P 500 index has shown impressive performance over the year.
Overall the markets technical indicators remain mixed, with some analysts suggesting a potential for continued bullish momentum, while others note the risks of overbought conditions. Analysts from JPMorgan in their mid-year outlook, noted a challenging environment for the continuation of the stock bull market, which was generally supported by several stocks within the tech industry. Still, JPMorgan did not change their target for S&P 500 for this year, which is 4.200. The bank estimates that the short reversal in the stock market might be expected during the second half of 2024. They have also noted that the strong rise in indices in a Q4 of 2023 was supported by the expectations on four Fed's rate cuts during the course of 2024, which has not occurred.
Despite the recent drop, the S&P 500 index has shown impressive performance over the year.
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