S&P 500 ETF (SPY) Bullish Sentiment Says Keep Moving Up!
Technically Speaking-
It is interesting how we have had mixed reports and the markets still steadily crawl toward the lush green prairies for the bulls to graze in.
We have no technical indications of a slow down yet. We are all bullish. And we have broken through that 131 barrier that we have been toying with for weeks. We will see this week if we can continue to inch our way forward.
Other Market Influences-
The average firm in the S&P 500 is currently trading at a 4.5% premium to its intrinsic value and thus looks slightly overvalued. The three year median revenue growth expectations of the SPY are at 9.97%. The S&P 500 would need to generate this in order to justify its current trading level. The expectations are currently too high and that it would be an impressive feat if the average company within the index is able to deliver nearly 10% sales growth every year for the next 5 years.
Last Tuesday, the market hit a double milestone: The Dow Jones Industrial Average closed above 12,000, while the Standard & Poor’s 500 index finished the day over 1,300. For the S&P 500, technicians regarded that as a key resistance level. If the S&P can stay above it for a few trading days—and it slid back below that landmark in Thursday’s trading—it could head even higher.
Sam Stovall, chief investment strategist at S&P Equity Research, predicted the S&P would reach 1,315 this year, but he recently upped that significantly, too. “Our new target is 1,370. We’re looking for about a 9% price appreciation for the full year.” That’s about in line with the projections of 11 market strategists polled by Bloomberg News.
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