-
The stock market could have 23% upside if a key technical level is breached, according to Bank of America.
-
BofA analyst Stephen Suttmeier said a decisive break above 4,600 for the S&P 500 would confirm a bullish chart pattern.
-
“Rising 40-week and 200-week moving averages underpin this bullish longer-term technical setup.”
A continuation of bullish technical trends in the stock market could catapult the S&P 500 higher by as much as 23% from current levels, according to Bank of America.
Bank of America’s technical research strategist Stephen Suttmeier said in a note last week that if the S&P 500 can decisively break above the low 4,600s, a so-called cup and handle would be confirmed. The S&P 500 traded just above 4,550 on Monday.
A cup and handle is a bullish pattern that resembles a cup on a chart, formed by a basing pattern that typically looks like a “U,”…
