S&P 500 Forecast to Surge 16% in 2023 If It Holds Key Support Level, According to Technical Analyst
• The S&P 500 will surge 16% this year to 6,100, according to analyst Frank Cappelleri, as long as it stays above the key level of 4,800
• Cappelleri sees the S&P 500's bullish pattern continuing after its 27% climb since October 2022
• The index has hit 5 key technical breakout thresholds that show a bullish trend
• Investors have grown more optimistic, with 50% feeling bullish in a recent survey
• However, some forecast storm clouds due to high valuations and recession risks