A bullish cup-and-handle chart formation points the way to further gains, according to this latest reading of the market's tea leaves.
Now that a "FOMO" rally in the S & P 500 has decisively cleared prior levels that had been roadblocks , the benchmark U.S. stock index is set to climb into "into the 4500s" and eventually to 4,580, according to Bank of America's chief equity technical strategist Stephen Suttmeier in a Wednesday report to clients.
"New all-time highs" for the S & P 500 advance-decline line and "a bullish breakout" for the 10-day moving average of new 52-week highs minus 52-week lows reinforce the market's latest move upward, and price levels that previously served as resistance barriers , now serve investors as support levels instead, the Bank of America chart watcher wrote. "We view the breakout above 4200 on the SPX as a FOMO rally.
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