S&P 500 Index to reach 4,750 but likely ending the year at 4,300 – SocGen
|Momentum will continue into the third quarter. The max analysts at Société Générale would expect is an S&P 500 of 4,750.
Momentum mania to build further before it breaks
Our tactical indicators also suggest a risk to the upside in Q3 before the lag effect of the rate-hiking cycle appears in early 2024 in the S&P 500.
Momentum mania in Q3 with the S&P 500 reaching 4,750 but likely ending the year at 4,300.
We believe the profit margin reversal, credit weakness and sharply rising recession risk will most likely be visible in 1H24, bringing the S&P 500 back to 3,800.
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