S&P 500 Positioned for Potential 23% Rally If It Breaks Decisively Above 4,600
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The S&P 500 could surge 23% from current levels if it decisively breaks above the 4,600 level, according to Bank of America.
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This would confirm a bullish "cup and handle" chart pattern, with upside targets of 5,200 and potentially as high as 5,600.
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The S&P 500's 40-week and 200-week moving averages are rising, supporting the bullish technical setup.
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Other indexes like the Nasdaq and market sectors are showing similar bullish chart patterns.
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Asset managers and retail investors have built up buying power in 2022, which could fuel an end-of-year rally.