Since the S&P 500 first broke out to a new high on 18 August, the index has barely paused and continues to set new records almost daily. As a result, each new high becomes the upside resistance for the next day, though it has rarely held. Ryan Frederick from Charles Schwab believes the S&P 500 index can rise to 3,700 by the end of 2020.
Key quotes
“Since the close on Friday was 3,508, that is the upside resistance for now. As for downside support, it looks like there may be some moderate support at 3,400, but mostly I would focus on the YTD unchanged line of 3,230 since the S&P 500 struggled both in June and July to break above that level.”
“I continue to believe that the S&P 500 can reach 3,700 (+14.5%) by year-end, but probably not without 3 or 4 small pullbacks along the way.”
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