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LB Select
2023.05.18 12:27
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Technical Analysis: S&P 500 Index is expected to break through 4200 points!

The rise of US stocks will continue until June? Technical analysts pointed out that 4200 points is the "real long-term support point that the bulls need to break through."

According to Adam Kobeissi, an analyst at Kobessi Letter, "Despite the many unfavorable factors, the US stock market has shown incredible resilience, and we believe this situation will continue until June."

Recently, he provided a bullish technical basis for the S&P 500 index, which may question the experience of "selling in May."

Kobeissi said that 4150 points are short-term resistance levels for the upside - the S&P 500 index closed at 4158.77 points on Wednesday - but he said that 4200 points are "".

"The last time the S&P 500 index broke through 4200 points was in August 2022, and since then, the index has approached 4200 points several times. The recent consolidation we have seen may be accumulating technical energy for a breakthrough," he added, still optimistic that the S&P 500 index will reach 4200 points.

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