Katie Stockton, chief technical strategist at BTIG in New York, echoed this view, saying the S&P was “poised for downside follow-through this week because it is not yet oversold from a short-term perspective.” However, she added that she viewed the weakness as a countertrend, and that her firm would be seeking indications of a tradable bottom.
This view was echoed by other analysts. Jonathan Krinsky, chief market technician at MKM Partners in Greenwich, Conn., said the market could weaken toward 2,110 on the S&P, although his outlook is ultimately positive: “with 71% of the [S&P] still above its [200-day moving average], high beta outperforming low volatility, and a 97% down volume day now behind us, we still think bulls win the game.”
The Goldman research analysts, led by David Kostin, chief U.S. equity strategist, expect the S&P 500 SPX, +1.41% to end 2016 at 2,100, a target that represents a decline of 1.7% from current levels. However, that would mean the large-cap benchmark would log a meager 2.7% gain for the year. Comparatively, the 30-year Treasury bond TMUBMUSD30Y, +3.88% is yielding 2.4% as of midday Monday.
发表于 2016-9-12 15:14
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