Continues to pull stocks relentlessly higher towards a target of 4,500 by late July. so any correction is likely to be minor i.e. something like a couple of hundred S&P points, 4100 at the lowest, where right now instead of FOMO-ing I am eyeing the run to sub 4000 during that deep pull back into October, so far the market has done nothing to negate this long standing expectation.

(Stocks Bear Market Max PAIN - Trend Forecast Analysis to Dec 2023 - Part1 )

Stock Market Conclusion

So puling everything together are we going to get that damn correction or not? Or is FOMO so strong that these crazy cooks are going to send the S&P to the moon, even so there is some sector rotation under away out of Tech stocks and into other sectors such as healthcare, so what could transpire is that the S&P experiences a minor correction as a tumble in the tech stocks is cushioned by rotation into cheaper sectors as I can't imagine the S&P powering higher whilst it's biggest weights such as Apple take a tumble. So that's how things could play out i.e. a weak correction that resolves in the final leg higher to 4500 by late July helped along by the Fed pause this week with the rally ending on the final rate hike next month. It's the timing that's the problem, this week is fuzzy, next week looks a little clearer thus on the balance of probabilities we should see the S&P trade below 4200, targeting 4100 by the end of NEXT week,

The bottom line I am positioned for a sell off where my best guess is 4100, before a final FOMO thrust to 4,500 before the big drop. But the indices mask the extent of the price movements in individual stocks i.e. AMD, Nvidia, so don't make the mistake of taking your buying and selling cues in individual stocks form the indices!

This ARTICLE is an excerpt form my recent analysis on the current state of the stocks bull market as it FOMO'd to new highs Stock Market FOMO Maniacs Rug Pull Imminent? US House Prices Trend Current Statethat was was first made available to patrons who support my work, so for immediate first access to ALL of my analysis and trend forecasts then do consider becoming a Patron by supporting my work for just $5 per month. https://www.patreon.com/Nadeem_Walayat.

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S&P

Targetting 4500 Mid Summer 2023.

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By Nadeem Walayat

http://www.marketoracle.co.uk

Nadeem Walayat has over 30 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.

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