This strategist absolutely nailed his pullback call for the S&P 500 in June. Here's what he sees now...
Canaccord Genuity strategist Tony Dwyer has been bullish on the U.S. stocks in recent years, predicting after rising more than 23% in 2019, the S&P 500 will reach 3,350 by the end of 2020, a more than 8.3% increase from Tuesday’s close.
He is once again predicting an S&P 500 retracement.
“The recent string of new all-time highs in the major equity indices have pushed our indicators further into the extreme overbought territory that led to the [pullback in June],” he added. Meanwhile, “Our trusty 14-week stochastic indicator is back to an extreme overbought level of 99 on a scale of 0 to 100,” Dwyer wrote.
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